PUD Receives 'Clean' Annual Audit

Posted Thursday, January 20, 2022

Skagit PUD received a "clean" annual audit of its financial statements from the Washington State Auditor's Office for the year ended December 31, 2020.

“There were no significant deficiencies, no material weaknesses, and no instances of noncompliance,” remarked Audit Lead James Peckham during the exit conference. “Great job to the district. It was a clean audit, which is the best results that you can get.”

In November, state auditors spent several weeks reviewing the PUD’s 2020 financial statements and the utility’s internal controls over its financial reporting. As part of obtaining reasonable assurance about whether the PUD’s financial statements were free from material misstatement, the auditors performed tests of the district’s compliance with certain provisions of laws, regulations, contracts, and grant agreements. Noncompliance can directly and materially affect the determination of financial statement amounts.

“I think it was very collaborative,” PUD Finance Manager Brian Henshaw said. “We worked through some questions and concerns together, and I think it went really well.”