Audited Financial Reports

Runyon Kersteen Ouelette, Certified Public Accountants and Business Consultants have served as the Independent Audit Firm for the City of Biddeford since Fiscal 1995 (year ended June 30, 1995). On-site audit work is generally conducted in August or September following the year-end and generally lasts for two weeks. Preparation work is done by the Finance Department staff commencing even before the fiscal year is over.

Year End Responsibilities

All year-end and post-June 30 entries are booked to period 13, which is reserved specifically for adjusting entries related to the closing of the books and financial reporting. Once all adjusting entries have been drafted and posted, a closing Trial Balance and final revenue and expense reports are generated for use in the preparation of the formal financial statements for review by the auditors. The Finance Department prepares:

  • Combining and Individual Fund and Account Group Statements
  • Footnotes to the above statements
  • General Purpose Financial Statements
  • Letter of Transmittal
  • Management's Discussion and Analysis
  • Statistical Information

Auditing Firm

The auditing firm prepares:

  • Independent Auditor's ReportReport on Compliance and on Internal Control Over Financial Reporting Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards
  • Report on Compliance with Requirements Applicable to Each Major Program and Internal Control Over Compliance in Accordance with OMB Circular A-133
  • Schedule of Expenditures of Federal Awards
  • Notes to Schedule of Expenditures of Federal Awards
  • Schedule of Findings and Questioned Costs including:
    • A Summary of Auditor's Results
    • Findings Required to be Reported Under Government Auditing Standards
    • Findings and Questioned Costs for Federal Awards
    • Statement of Assurance and Determination Under 20A MSRA, 6051

Online Resources