Audit - 2017

The Township of Woolwich's audit report for the year ending December 31, 2017, includes independent auditor's reports on the financial statements and internal control over financial reporting, as well as the financial statements themselves, prepared on a regulatory basis. The report expresses an adverse opinion on the financial statements when evaluated against accounting principles generally accepted in the United States of America, but an unmodified opinion on the regulatory basis of accounting prescribed by the New Jersey Division of Local Government Services. The audit identifies certain deficiencies in internal control and instances of noncompliance with laws, regulations, contracts, and grant agreements. Key findings include issues related to posting entries in the General Capital Fund, the absence of a written Standard Operating Procedures manual, improper use of the Municipal Functions Donation Trust Fund, and the need for active collection of outstanding grant receivables. The audit report was issued on June 21, 2018, by Holman Frenia Allison, P.C.