POINT PLEASANT — For the seventh year in a row, Point Pleasant Borough has received a clean audit, with zero comments, as announced at the council meeting on Monday.
Borough Administrator Frank Pannucci Jr. said that every year, 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,” said Mr. Pannucci.
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.
Point Pleasant’s auditor, Holman, Frenia and Allison, P.C., presented its findings to the Governing Body which accepted the report at the Monday council meeting.
Mayor Robert Sabosik told The Ocean Star, “Almost nine years ago I became mayor and along with this borough council, we hired a new management team and set out to right our ship and fix our borough’s financials. You see, without proper financials, you can’t improve the borough.”
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