BAY HEAD — The borough achieved a fiscal and administrative milestone by receiving a “clean” audit for the eighth consecutive year, according to Borough Administrator Frank Pannucci Jr.
The Borough’s Auditor, Robert A. Hulsart CPA, presented his findings to the Governing Body which unanimously accepted the audit report for 2020 at the Oct 4th council meeting.
Yearly, each municipality in the State of New Jersey must undergo an annual audit of managerial practices, internal controls and financials for the previous year ending Dec 31. Each audit is conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and in compliance with audit requirements prescribed by the Division of Local Government Services of the New Jersey Department of Community Affairs.
“Each audit involves a number of different items including procedures to obtain evidence about the amounts and disclosures in financial statements to detect fraud or error, an evaluation of internal controls, managerial practices and evaluating the appropriateness of accounting policies used by management,” Mr. Pannucci explained. “A comment is when the auditor finds something that’s not necessarily criminal, but bad. Once again, this mayor and council through their hard work have a clean audit from top to bottom, and that’s something the residents of Bay Head should appreciate, I know I certainly do and I admire their hard work for that.”
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