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Now, the Village of Gowanda, being a smaller village, has never had to produce financial statements (at least
not recently) that are on the full accrual basis of accounting. That would only be required this year because of
the audit requirements that is tied to the federal funding. So, rather than doing an exhaustive accounting of
capital assets and auditing prior year balances, the easiest thing to do is to issue an adverse opinion on the
overall statements, issue the finding, and move on. All this opinion is saying really, is that the Village’s financial
statements don’t conform to generally accepted accounting principles, but that’s really ok because they never
had to in the past and they won’t have to in the future. It’s only this federal grant and the auditing
requirements attached to it that make this year different.
{ hope this helps to provide clarity to our report. If you have any further questions or need additional
information or additional explanation, please do not hesitate to reach outta me. My office telephone number
is 716-675-4270 and my email address is [email protected].
Sincerely,
ChasataphinWt. Jura, CA
Christopher M. Zera, CPA
Shareholder (Partner)
R.A. Mercer & Co., P.C.
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AICPA)