FOR IMMEDIATE RELEASE
CONTACT: Mike McGill
Wilmington, NC (November 13, 2013): Cape Fear Public Utility Authority (CFPUA) is pleased to announce it has received a clean audit for Fiscal Year 2013 from the Wilmington-based accounting firm Thompson, Price, Scott, Adams and Company. The audit, which was presented today at CFPUA’s monthly board meeting, examined data supporting the amounts and disclosures in the Authority’s financial assessments and evaluated the accounting principles used by CFPUA and significant estimates made by management. The audit also evaluated the Authority’s overall financial statement presentation.
CFPUA also received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada (GFOA) for a fourth straight year for its Fiscal Year 2012 report. The award is given to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financial reporting.
The audit’s significant findings were as follows. The Authority:
• Provided reasonable assurance that the financial statements are free of material error and in compliance with government regulations;
• Fully cooperated with all planned procedures and gave complete access to both management and required information;
• Communicated the initial adoption of or a change in an accounting principle which had or is expected to have a significant effect on the financial statements; and
• Used methodologies used and basis of evidence for matters requiring judgments and estimates.
The audit also found:
• No significant deficiencies in internal control;
• No significant audit adjustments or unrecorded differences in CFPUA’s financial data;
• No disagreements with management on financial or reporting matters;
• No communications with other accountants; and
• No material irregularities and/or illegal acts.
“Our staff prides itself on being proper stewards of the financial resources and assets our customers entrust to us,” said Jim Flechtner, CFPUA’s Interim Executive Director. “Our overall financial condition continues to improve, enabling us to properly maintain programs that address critical infrastructure needs. At the same time, we are constantly analyzing our costs to ensure we are meeting our financial responsibilities to our customers.”
For more information on CPFUA’s audit, please contact Mike McGill, Chief Communications Officer, at (910) 332-6704, email@example.com or firstname.lastname@example.org.
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Cape Fear Public Utility Authority (CFPUA) was formed by the City of Wilmington and New Hanover County to combine their water and sewer operations. It began operations on July 1, 2008. Today, the Authority serves more than 65,000 water customer accounts and more than 63,000 wastewater customer accounts. It oversees more than one thousand miles of water distribution mains and nearly one thousand miles of sewer mains. For more information, visit www.cfpua.org or contact CFPUA’s Communications staff at email@example.com.