On an annual basis, the Town of Orchid's financial statements are audited by an independent firm, which must be a certified public accounting firm duly licensed under Chapter 473 Florida Statutes and qualified to conduct audits in accordance with government auditing standards as adopted by the Florida Board of Accountancy. The firm is selected by the Town Council, following a recommendation by an independent Audit Committee established by Resolution. Currently Carr, Riggs & Ingram is the auditing firm that performs the annual audit from the company's Melbourne branch.
Although the fiscal year doesn't end until September 30, the first field visit to Town Hall from the auditors usually occurs in August already. This gives the auditor a chance to observe the Town staff at work and gives staff an opportunity before the end of the year to review the handling of any unusual financial events that may have happened. This all-day visit is a busy day for both parties!
The auditor returns in early December, once the final budget amendment has been adopted (if needed) and the last of the prior year's transactions are expected to be finalized. Upon receiving the first draft, the Town Manager is responsible for its review as well as for the writing the Management Discussion & Analysis pages.
The final audit report is usually released in February and is formally presented to the Town Council at a public meeting, usually in early March. The report is also submitted to the Florida Auditor General, who publishes the Town's audited financial statements online at the link below. Any questions regarding the ability to view or self-print an electronic audit report on the Auditor General’s website may be directed to (850) 412-2881, or a printed copy can be requested from Town Hall. The Town Manager is available for questions about the content of the report.
Following issuance of the independent audit report, the Town must annually complete an Annual Financial Report for the Florida Department of Financial Services. This report is available to the public at the below link .