2021 Audit

The City of Port Republic's audit report for the year ended December 31, 2021, reveals insights into the municipality's financial status and compliance with regulatory standards. Conducted by Ford, Scott & Associates, L.L.C., the audit assesses the balance sheets, operational statements, revenue, and expenditures on a regulatory basis. The report includes supplementary data and comments on internal controls and compliance with government auditing standards. The audit expresses an adverse opinion on the financial statements when evaluated against U.S. Generally Accepted Accounting Principles (GAAP) due to the regulatory basis of accounting. However, the report offers a favorable opinion on the regulatory basis financial statements. It highlights the City's responsibilities regarding financial statement preparation, internal controls, and going concern assessment. The document was issued on August 8, 2022.