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City of St Anthor 42 . <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 /> 1. 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 /> 11 <br />