Riverside Receives Highest Marks for Financial Accountability from Independent Audit
Findings show City Finance Department adhering to highest accounting standards
RIVERSIDE, Calif. – The City of Riverside has received a clean bill of health from the City’s independent auditors, who recently reviewed all the City’s financials, including federal and state grant funds, as well as a system of internal controls.
“These findings are a vote of confidence by the outside, independent auditors on the City’s leadership over its finances,” Mayor Rusty Bailey said. “It is really the best news you can get from an auditor.”
The audits by Macias, Gini & O’Connell LLP provided an unmodified, or clean, opinion that the City’s financial statements were presented fairly and in accordance with generally accepted accounting principles.
The audits did not identify any areas of concern nor made any recommendations for changing processes or internal controls. The audits have effectively confirmed that the City is spending federal, state and local money properly and responsibly.
“Rigorous financial audits are a key part of ensuring financial accountability,” Mayor Pro Tem Andy Melendrez said. “These audits, and the opinions of the auditors, assure Riverside residents that City funds are being handled properly.