Accounting
The Accounting Division maintains the City's General Ledger System and processes payroll for all City employees. Other areas of concentration include maintenance of fixed asset records, preparation of W-2s, oversight of more than $5.8 million in City inventories, and sales and property tax reporting. This division ensures that all accounting and reporting systems are in compliance with generally accepted accounting principles, transactions are recorded accurately and in a timely manner, and appropriate budgetary funding exists for those transactions. The Accounting Division is comprised of seven employees and has an operating budget of $518,000.
The Accounting Division is also responsible for coordinating the annual independent audit that is required by the Fiscal Control Act. This act requires each unit of local government in North Carolina to have its accounts audited annually by an independent public accountant certified by the Local Government Commission as qualified to audit local government accounts. The audit must be conducted pursuant to a written contract containing the form, terms, and fees for the audit. The Secretary of the Commission must approve this contract before the audit may begin and must approve invoices for the audit fee. Approval of final payment is not given until the audit report is rendered in accordance with the requirements of the contract. All audits must be performed in conformity with generally accepted auditing standards.
The City's independent auditors are Cherry, Bekaert & Holland, LLP, 2626 Glenwood Ave., Suite 300, Raleigh, NC 27608 and can be reached at 919-782-1040.
|