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Financial Audits

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Learn about the City's financial auditing requirements, what they do, and where to get reports.
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City Charter requirements

City Charter requires the City Auditor to conduct financial audits of City government in accordance with generally accepted government auditing standards, to appoint, coordinate and monitor the annual audit of the City’s financial statements by an independent licensed public accountant, in accordance with generally accepted government auditing standards.
 

City Code authorization

Portland City Code authorizes the Audit Services Division of the elected City Auditor’s Office to contract for the services of certified public accountants to perform these audits.  The City Auditor’s Audit Services Division manages the financial audit contract for the City, which combines the annual audits of the financial statements of the City of Portland, and the following reporting entities which are required to report separately, in addition to being included in the City’s financial statements: the Portland Development Commission, Hydroelectric Power Fund and the Fire and Police Disability and Retirement Funds.
 

What the financial audits do

The financial audit contract also provides the annual audit to determine whether the federal awards that the City of Portland and the Portland Development Commission received were expended in compliance with the terms of the related federal programs under the Single Audit Act, and related Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
 

Where to get reports

The financial statements are prepared by the accounting departments of the City and of Portland Development Commission. The City’s and the Portland Development Commission’s financial statements are known as Comprehensive Annual Financial Reports (CAFRs). The audited financial statements, including the independent financial auditor’s opinion and reports, are available for review at these departments’ websites:

City of Portland Comprehensive Annual Financial Reports and Single Audit Reports (Office of Management & Finance)

Portland Development Commission Comprehensive Annual Financial Reports

Fire and Policy Disability and Retirement Funds Auditor’s Reports and Financial Statements

Hydroelectric Power Fund Auditor’s Reports and Financial Statements