2012

The Borough of Penns Grove's audit report, conducted by Bowman & Company LLP, covers the financial statements for the years ended December 31, 2012 and 2011. The audit was performed in accordance with generally accepted auditing standards and government auditing standards, with financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey. An adverse opinion was issued regarding U.S. Generally Accepted Accounting Principles (GAAP) due to variances between the regulatory basis of accounting and GAAP; and a qualified opinion was issued on the regulatory basis of accounting because the general fixed assets account group was not included.