North Central approves audit, awards contract at meeting

By: 
Brian Stockman
Staff Writer

North Central Pennsylvania Regional Planning and Development Committee (North Central) held an open Executive Committee Meeting on Wednesday, Feb. 27 beginning at 9:30 a.m. to approve the recently completed audit and hear a proposal by Strategy Solutions Inc. of Erie for a strategic business plan for the committee moving forward.
With no corrections, additions or amendments to Jan. 23 Executive Committee Meeting Minutes, they were approved as presented.
The results of the 2018 Audit were presented in a PowerPoint presentation by representatives from the SB & Company, an accounting firm from Baltimore, Maryland. In a summary of the results, the company plans to issue an unmodified opinion on the financial statements. An unmodified opinion is where the auditor expresses an opinion that financial statements are presented, in all material respects, in accordance with the applicable financial reporting framework. Simply put, an unmodified opinion is a clean/good opinion of the organization being audited.
SB & Company found no instances of fraud or material weaknesses in internal financial controls. A material weakness is when one or more of a company's internal controls, which are put in place to prevent significant financial statement irregularities, is considered to be ineffective. SB & Company pointed out they received full cooperation from management and reported the following results:
—Change in Net Assets for 2018, +$156,343; 2017, -$240,745
—Net Assets for 2018, $5,648,705; 2017, $5,492,362
SB & Company use the FORCAM Auditing approach, 'Focus on Risk, Controls, and Misstatement' and in closing, found no errors in reporting or instances of fraud, and approved of the financial controls North Central has in place over all of its financial transactions currently. SB & Company was thanked for their time and efforts and the 2018 Audit was approved as received by unanimous vote.
Strategy Solutions Inc. was next questioned by the Executive Board in regards to the Strategic Plan they believe they could offer North Central as it looks to diversify in the wake of the loss of the state contract to oversee unemployment centers. In her opening remarks, Strategy Solutions Founder/President Debra Thompson gave a basic background to her company.

To see more on this story, see today's edition of the Ridgway Record. (Thursday, Feb. 28, 2019.)

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