The City of Irving has released its fiscal year 2011 Comprehensive Annual Financial Report (CAFR) that details the city’s financial operations and position. An audit of the report was conducted by Grant Thornton LLP and Irving received an unqualified “clean” audit opinion, which is the best opinion given by audit firms.
The superior report means that Irving’s financial statements are free from material misstatements and are represented fairly in accordance with the Generally Accepted Accounting Principles. In addition, Grant Thornton conducted a review of the city’s control procedures and no findings were noted. Audit results were presented by Grant Thornton to the Audit and Finance Committee at its Feb. 8 meeting.
“This is great news regarding the fiscal position of the City of Irving,” said Councilman Joe Philipp, Audit and Finance Committee chairman. “This report provides confidence to Irving residents that tax dollars are well managed and accounted for properly in delivering exceptional services and promoting a high quality of life to our residents, visitors and businesses. We are especially proud of the fact that the auditors noted they had no internal control findings to report.”
The city will submit the 2011 CAFR to the Government Finance Officers Association for the Certificate of Achievement for Excellence in Financial Reporting, which is the highest form of recognition in the area of governmental accounting and financial reporting. Irving has received this award for 27 consecutive years since 1984.