AUDIT PUBLICATION INTRODUCTION

AUDIT PUBLICATION INTRODUCTION

An audit of the affairs of City of Glasgow, Montana, has been conducted by C H M S, P.C. The audit covers fiscal year ended June 30, 2010.

Section 2-7-521, MCA, requires the publication of the following summary of significant findings. This is only a summary and is not intended to be used as an audit report.

SUMMARY OF SIGNIFICANT FINDINGS

The audit report for City of Glasgow, Montana, for the fiscal year ended June 30, 2010, contained an Independent Auditor's Report on the City's basic financial statements. The report issued was an unqualified report.

The audit report also contained another auditor's report. Following is a listing of the report and a summary of the findings included.

1. Independent Auditor's Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards. This report contained findings on the following matters.

A. Internal Control Over Financial Reporting

1. Segregation of Duties

B. Compliance and Other Matters

1. Fire Department Relief Association

2. Financial Reporting

3. Net Revenue Requirement

4. Cash Overdraft

The prior report contained seven recommendations, one that does not require implementation and two that have been implemented and four that have not been implemented.

2. Independent Auditor's Report on Compliance with Requirements Applicable to “Each Major Program and Internal Control Over Compliance in Accordance With OMB Circular A-133 – This report contained no findings.

PUBLIC INSPECTION OF AUDIT REPORT

The complete audit report is on file in its entirety and open to public inspection at the City Office.

(Published Dec. 14, 2011)