Siloam Springs passes annual audit
Siloam Springs passed its annual state audit conducted by Hinkle & Company from Tulsa, Okla.
Audit Partner Kirk Vanderslice, CPA, presented his report to the city board during the Sept. 1 meeting. He said Hinkle & Company conducted the audit with generally accepted auditing standards and was happy to report they had an unmodified or clean opinion on the financial statements as a whole.
The audit is an annual process required by state law for all cities to have performed, according to Finance Director Christina
Petriches. State audits may be performed by the state, but Siloam Springs has used an independent auditor for years, Petriches said. Hinkle & Company provided the lowest bid, Petriches said.
State auditors provide reports based on state law, which does not include government-wide financial statements, Petriches said. Independent auditors issue reports based on national standards which require reporting at the fund level and government-wide level, she said. All audits are submitted to the Arkansas Legislative Audit, Petriches said.
Hinkle & Company also expressed an opinion on the internal controls and were happy to say there were no deficiencies noted during that process.
“Everything went really smooth this year,” Vanderslice said. “We had no difficulties with management. They were a pleasure to work with and they provided us support for every documentation that we had.”
Vanderslice did say there was a subsequent event they mentioned in the report. The disclosure concerned the coronavirus and stated that it has a financial impact to most organizations subsequent to year end and before the date of the report, which was Aug. 19, Vanderslice said.
“So the net effect of that is really hard to be seen at this point in time and the report date,” Vanderslice said. “So, we put that in the subsequent event.”
At the end of the presentation, Director Bob Coleman congratulated Petriches and her staff as well as the auditors of Hinkle & Company and said the city appreciated their findings.