City receives flawless audit

SANDPOINT — The city’s financial team once again has cause to hold their heads a little higher.

Around the beginning of the year, city officials relinquished the financial books over to an external agency to ensure that everything was on the up and up. At the March City Council meeting, certified public accountant Chris Shipley had  some very positive words for City Treasurer Shannon Syth and her staff as he presented an overview of the audit.  

“I contest that her department is top-notch, and it makes our job — well, I’m not going to say it makes it easy, but it makes a lot more fun,” Shipley said.

Shipley and his coworkers conducted the audit using a series of procedures on the city’s yearly financial statements. Auditors worked with the city financial department, asking questions, testing selected items and assessing risk. The data was then parsed through analytics into financial statements on which the auditors offered their opinions. In Sandpoint’s case, Shipley said the city received an unqualified opinion.

“It sounds negative, but it’s the best opinion you can get,” he said.

Federal expenditures received extra attention this year. Due to new regulations, organizations that spend more than $500,000 that year in federal money require a special audit with particular attention directed toward selected expenses financed by Uncle Sam’s dollars. Shipley said he and his colleagues found no problems in the city’s use of federal money either.

According to Syth, her staff puts in many hours of work to ensure that their audits come out as positive as this year’s. She said the sense of accomplishment after the department receives a glowing peer review makes all the effort worthwhile.

“Although I really love my job, there are a few times a year I get especially excited about it,” Syth said. “The budget is one, as we make all the numbers match and look nice, and the other time is the audit. It’s like the final crown on all the work we’ve done all year.”

Council members had high praise for Syth and her staff for maintaining the city’s positive financial reputation. And as it turns out, their strong work ethic even saved the city money when all was said and done, according to Shipley.

“It does keep your fee down,” he said. “We do audit to make a profit, and if it took twice as long, your fees would adjust accordingly.”