The City of Coppell is proud to announce that it received an unmodified opinion on its annual Independent Auditor’s Report indicating the City’s financial statements for fiscal year 2019-2020 were fairly presented. The results of the audit were presented to the City Council at the February 23, 2021 meeting and was followed by the approval the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending September 30, 2020.
“We are always excited to hear favorable results like this,” said Mayor Karen Hunt. “We are so thankful to our dedicated staff for focusing everyday on the details to keep our records clean and for working well with the auditors to make sure we have this kind of a result. We really appreciate everything staff does.”
Weaver performed the audit, which began last August and wrapped up in February 2021, and issued three different reports this year:
- An unmodified opinion was issued for the Independent Auditor’s Report on the financial statements. This is the highest level of assurance that the financial statements are fairly presented in all material respects in accordance with Generally Accepted Accounting Principles (GAAP).
- The second report issued was the Independent Auditor’s Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards. No material weaknesses or significant deficiencies were noted.
- A third report was issued this year because the City of Coppell required a federal single audit since federal expenditures were in excess of $750,000 due to the SAFER Grant. An unmodified opinion was issued and there were no findings for the Independent Auditor’s Report on Compliance for Each Major Program and Report on Internal Control Over Compliance in Accordance with Uniform Guidance. This means the auditor feels that the City handled the grants properly and was in compliance with all the compliance requirements of the federal program.
“The audit went very smoothly this year and we’re proud of the results,” said Jennifer Miller Director of Finance. “Our conservative financial approach combined with our commitment to transparency has provided a solid foundation of success for many years.”
According to Chapter 103 of the Texas Local Government Code, all municipal governments must conduct an independent audit on an annual basis. The audit was performed in accordance with Generally Accepted Auditing Standards, Generally Accepted Government Auditing Standards, and the Single Audit Act and Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
Weaver used a risk-based approach in which potential areas of risk that could lead to material misstatements of the financial statements are identified. The audit was tailored to specifically address areas of risk such as revenue recognition, capital projects and the effects of COVID-19.
To view the City’s CAFR or other financial documents, please visit coppelltx.gov/transparency.