County Releases Comprehensive Annual Financial Reports and Audit of Financial Statements
Fairfax County Office of Public Affairs
12000 Government Center Parkway, Suite 551
Fairfax, VA 22035-0065
Contact: Merni Fitzgerald, Director of Public Affairs
703-324-3187, TTY 711, Fax 703-324-2010
Media Pager: 703-324-NEWS (6397)
Dec. 4, 2006
County Releases Comprehensive Annual Financial
Reports and Audit of Financial Statements
Fairfax County today released its Fiscal Year 2006 Comprehensive Annual Financial Report and audit of financial statements for Fiscal Year 2006.
As required by state code, the county’s financial statements are audited by an independent certified public accountant. KPMG conducted the audit.
As part of the audit, matters involving the internal control over financial reporting and other operational matters of the county are examined and comments are typically provided to the Director of Finance in a management letter. For the fiscal year ended June 30, 2006, KPMG had no comments related to internal control over financial reporting and other operational matters. This is the first time there have been no comments from KPMG and, accordingly, no management letter addressed to the director of finance.
“This is a significant milestone for Fairfax County. The county’s budget and financial reporting systems have received the highest recognition for transparency and accuracy awarded in the audit profession. Residents can take pride in this accomplishment,” said Board of Supervisors Chairman Gerald E. Connolly.
In addition to matters involving the internal control over financial reporting and other operational matters, auditing standards require that the auditors communicate all reportable conditions, including material weaknesses, to management. In a letter to the Board of Supervisors, KPMG reported that no material weaknesses were noted. “This has been the case for the past 13 years, which is quite an achievement considering the size and complexity of the county’s financial operations,” said Robert Mears, director of the Department of Finance.
This audit was conducted in accordance with auditing standards generally accepted in the United States and the Specifications for Audits of Counties, Cities, and Towns, issued by the Auditor of Public Accounts of the commonwealth of Virginia. In addition, the audit was designed to meet the requirements of the U.S. Office of Management and Budget.
Known as the Single Audit, this is a special type of compliance audit applicable to federal grant programs.
The audit was released as part of the county’s Comprehensive Annual Financial Report, which provides a thorough financial picture of the county to residents, ratings agencies, the state and federal government, and other interested parties. The financial statements included in the annual financial report were audited to ensure their integrity and fair presentation. The opinion of the auditors, which is included in the annual financial report, is a certification by KPMG, the independent auditors, that the financial statements are true and accurate.
For more information go to the county’s Web site at www.fairfaxcounty.gov/finance or contact Robert Mears, director of the Department of Finance, at 703-324-3126, TTY 711.
For more news and information, visit www.fairfaxcounty.gov/news.