The City of Sequim and the Sequim Transportation Benefit District (TBD) are audited by the State Auditor’s Office. Both Financial Statement and Accountability Audits were recently conducted for both entities.
The audit periods and the scope of the audits are noted below for both entities.
City of Sequim: Financial Statement Audit of 2011 and Accountability Audit of 2010 through 2011:
• Accuracy and reliability of financial reports
• Financial Condition
• Use of Restricted Funds
• Insurance/Risk Management
• Open Public Records Laws compliance
• Citizen Concern
• Expenditures/Credit Cards
• Payroll
• Inter-fund Transactions
Sequim TBD: Financial Statement and Accountability Audits of 2010 and 2011:
• Accuracy and reliability of financial reports
• Formation of New Entity
• Open Public Records Laws compliance
• Use of Restricted Funds
• Inter-fund Transactions
• Payments/Expenditures
The accountability audit for January 1, 2010 through December 31, 2011 showed that the City’s and the TBD’s internal controls were adequate to safeguard public assets and that the City and TBD complied with state laws and regulations, and their own policies and procedures in the areas that were examined. In the past, the City has received accountability and financial statement audits every two years. This is the first audit of the TBD of any kind since the TBD was formed and began collection of sales tax in 2010.
In the last 23 years, the City has been free of audit findings. Because of the City’s (and the TBD’s) clean audit history and management’s responsiveness to prior audit recommendations, the City and TBD will now be audited on a three year basis for accountability instead of every two years. The City and TBD requested an annual financial audit schedule going forward because of the need to have timely audited financial statements as we proceed with the City Hall and Police Station construction project.
Please contact Accounting Manager Sue Hagener at 681-3426 or shagener@sequimwa.gov with questions.