The annual audit of the Ocean Pines Association’s financial statements for fiscal year (FY) 2018 has been released by SC&H Group.
The 46-page audit includes Balance Sheets, Statements of Revenues and Expenses and Changes in Fund Balances, Statements of Cash Flows, Notes to Financial Statements, and Supplementary Information for the Years Ended April 30, 2018 and 2017.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
A full copy of this report is available online.