City internal audit reveals no major problems

KPMG gave the city an “unqualified opinion,” meaning that the city’s financial statements were free of material misstatements and are in accordance with Generally Accepted Auditing Standards, at a City Council luncheon.

“In our opinion, based on our audit and the report of other auditors, the financial statements … present fairly, in all material aspects, the respective financial position of the governmental activities … of the city of Springfield, Missouri, as of June 30, 2007 …” the report states.

The city also received kudos for its Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. This is the 30th consecutive year Springfield has received the award.

KPMG Partner Michelle Stromp, who led the audit effort, pointed out that her company’s audit differed from the audit released by the state auditor’s office in December.

She said the KPMG audit looks only at historical financial statements and their accuracy, while the state’s audit was a performance audit that looked at how the city spends and allocates funds.

Stromp did note that the city was making a smart decision in following the state auditor’s suggestion to hire a full-time internal city auditor.

This story originally appeared in SBJ’s Jan. 9 free e-news Daily Update. Click here to register.[[In-content Ad]]