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City of St Anthony <br />Financial Plan <br />VII. ACCOUNTING, AUDITING, AND FINANCIAL REPORTING <br />The key to effective financial management is to provide accurate, current, and <br />meaningful information about the City's operations to guide decision making and <br />enhance and protect the City's financial position. <br />POLICY STATEMENT <br />The City's accounting system will maintain records on a basis consistent with <br />generally accepted accounting standards and principles for local government <br />accounting as set forth by the Government Accounting Standards Board (GASB) <br />and in conformance with the State Auditor's requirements per State Statutes. <br />2. The City will establish and maintain a high standard of accounting practices. <br />3. The City will follow a policy of full disclosure written in clear and understandable <br />language in all reports on its financial condition. <br />4. A primary goal of the Finance Department is to provide timely monthly, quarterly <br />and annual financial reports to users. <br />5. An independent public accounting firm will perform an annual audit and issue an <br />opinion on the City's financial statements. <br />6. The City Council will review the audit report, approve its findings and meet with <br />the Auditor to discuss any questions they might have in regard to the audit. <br />123 <br />