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Audit Presentation, General Reports Heard By BPW At December Meeting

An audit presentation by Troutt, Beeman & Co. and general reports about the water system were heard by the Holden Board of Public Works at its monthly meeting Tuesday, Dec. 5.

Butch Beeman, the auditing firm representative, led the presentation by thanking everyone present for the continued business relationship.
He noted it is required by law to report if the Holden BPW, or any of its representatives, are “opinion shopping,” – the practice of searching for an outside auditor willing to provide a favorable view of an entity’s financial condition. Beeman stated that there is no indication of this, and firmly believes that it is not the case.

His next topic was the cooperation he received from the BPW and from O & M in conducting and preparing the audit. He said there were no difficulties, and the teamwork was valuable.

Beeman expressed there were no deficiencies to be concerned about, except for the typical bartering system involving Liberty Link and the City, and the stale account receivables that go past due and need to be collected.

Prior to Beeman turning the conversation over to Tina Behl, also with the auditing firm, he finished by saying the BPW looks financially stable. All monies that are in accounts in the bank, and all securities, are FDIC insured and fully collateralized.

Behl then stated the audit…

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