May 30, 2014

2014 Marks 25th Straight Year ACUA’s Audit Receives an Unqualified Opinion and Includes No Recommendations

The Atlantic County Utilities Authority’s Board of Commissioners accepted the Annual Financial Statement Audit for 2013 at its May 15th meeting.  The Authority’s external auditor, Holman, Frenia and Allison, P.C. of Toms River, reported to the Board that an unqualified opinion was issued by the firm and that there were no formal recommendations to report to management.  An unqualified audit opinion is the best opinion an organization can receive from an audit.

The annual audit is an independent review of the financial statements of the ACUA.  Audit work performed by the independent audit firm includes, among other things, checking the accuracy of records, verifying compliance with accounting standards, and reviewing the soundness of financial practices and policies, including the review of internal controls.  Holman Frenia Allison did not uncover any deficiencies or weaknesses during the course of the audit.

Under the leadership of Rick Dovey, ACUA President, and Maria Mento, ACUA Executive Vice President and Chief Finance Officer, this audit marks the twenty-fifth year of an unqualified opinion and no recommendations to management. 

 “I want to commend the staff for this amazing achievement and their continued diligence and hard work in protecting the assets of the Authority,” said Marvin Embry, Chairman of ACUA’s Board of Commissioners. “The board gladly accepted this glowing report at its monthly meeting.”

This is the second year that ACUA has engaged Holman, Frenia and Allison, P.C. for their audit. ACUA typically changes auditors every three years, a common practice among public agencies.

ACUA’s audits, along with other financial documents, are available for review online. For more information, contact ACUA at 609-272-6950 or visit

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