Chamber receives unmodified opinion on financial audit 2019

Every year, the Richardson Chamber undergoes a financial audit to ensure the fiscal stability and financial responsibility of the organization. For the fifth year, Judd, Thomas, Smith & Company conducted the audit and issued an unmodified opinion. This indicates a clean audit in which financial statements are presented in accordance with applicable financial reporting framework. This was a good report with no management letter on control matters and no audit adjustments.

Andrew Moore from Judd/Thomas and Susan Kassen from the finance committee presented the results to the board, which approved the findings. He noted that the Chamber has liquid assets which is not being depleted with depreciation. Also, this year saw the two accounting professionals turning over, but understanding of the accounting processes was strong to insure a flawless transition.

Judd, Thomas, Smith & Company works with many chambers of commerce, and its evaluators are experienced in using best practices to conduct audits. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.