Audit - 2019

The Township of Woolwich's audit report for the year ended December 31, 2019, provides an overview of the township's financial position and operations. The audit includes statements of assets, liabilities, reserves, and fund balances for various funds, including the Current Fund, Trust Funds, and General Capital Fund. It also covers statements of revenues, expenditures, and changes in fund balance on a regulatory basis, as well as notes to the financial statements, in accordance with the financial reporting provisions of the Division of Local Government Services, Department of Community Affairs, State of New Jersey. While the report expresses an adverse opinion on accounting principles generally accepted in the United States of America, it gives an unmodified opinion on the regulatory basis of accounting used by the Township, except for the general fixed asset group of accounts, which is qualified due to the lack of a maintained record of general fixed assets. The report includes a Schedule of Findings and Recommendations, addressing deficiencies in internal control and compliance. The audit was conducted in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards. The auditor’s report is dated December 11, 2020.