These reports were prepared by D'Arcangleo & Co. and are qualified opinions:
Auditors that deem audits as qualified opinions are advising whomever is reading the document that the information within the audit is not complete or that the accounting methods used by the company do not follow GAAP.The auditors issued a qualified opinion because:
1. The auditors were unable to audit the fixed assets because the town has not kept their records up-to-date.
2. The New Hartford Library is a component of the town; however, the town has not included them in their annual audit reports.A representative of D'Arcangelo & Co., the accounting firm that conducted the audit, discussed the audit at the August 17, 2011 town board meeting.
These reports are very thorough regarding the financial situation of the Town of New Hartford; we urge everyone to read through them and/or listen to the videotape of the discussion from the August 17th board meeting.
The video of that discussion: