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Accounting & Auditing Policy <br /> Pup2ose <br /> To ensure accurate and consistent accounting practices that conform to generally accepted accounting <br /> principles to ensure public confidence in and ensure the integrity of the City's financial system. <br /> Policy <br /> ❖ The City will establish and maintain a high standard of accounting practices. <br /> ❖ The Accounting system will maintain records on a basis consistent with accepted standards for <br /> local government accounting as established by State law and GAAFR. <br /> ❖ Regular and annual financial reports will present a summary of financial activity by major types <br /> of funds. <br /> ❖ As needed, the reporting system will also provide monthly information on the total cost of <br /> specific services by type of expenditure and, if necessary, by fund. <br /> ❖ An Independent public accounting firm shall be engaged to perform an annual audit of all <br /> accounts, funds, and activities, and will publicly issue a financial opinion. <br /> ❖ Independent accounting firms shall be engaged for a period of not more than three years, selected <br /> through an open request for proposal process, and shall be allowed to renew the City's account <br /> for up to three additional years. <br /> Implementation <br /> The City has earned the GFOA Excellence in Financial Reporting award each year since 1979. <br /> Page 12 of 15 <br />