Tuesday, June 24, 2014

Atlantic County Receives 15th Consecutive Perfect Audit

The annual independent audit of Atlantic County government’s financial operations and procedures has been completed with no reported findings. This is the 15th consecutive time Atlantic County has received a perfect audit.

The 2013 audit did not reveal any weaknesses or significant deficiencies. It covered the financial transactions of the treasurer’s office and the financial records of the county’s offices and institutions. Cash on hand was counted and cash balances were reconciled with independent certifications obtained directly from the depositories. Additionally, revenues and receipts were established and verified as to source and amount.

“The audit brings further reassurance to our citizens that Atlantic County government continues to provide conservative fiscal management and remains fiscally sound,” County Executive Dennis Levinson stated.

The news of yet another perfect audit follows the reaffirmation of the county’s superior bond ratings earlier this month. The county retained its AA rating with Standard & Poor’s Ratings Services as well as an Aa2 rating from Moody’s Investors Services.

The audit was conducted by Ford, Scott & Associates, LLC, of Ocean City, NJ., one of several independent auditors to report no findings over the past 15 years. Atlantic County uses a competitive bidding process to select an auditor and county policy mandates that it change firms every three years. This assures better oversight, a fresh approach and new ideas.

The Atlantic County Board of Freeholders unanimously certified the audit on June 17 in accordance with the requirements of the Local Finance Board.

County News