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Report of Independent Auditor
To the Board of Commissioners
Peninsula Airport Commission
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of the Peninsula Airport Commission (the “Commission”),
a component unit of the City of Newport News, Virginia, as of and for the year ended June 30, 2024, and the
related notes to the financial statements, which collectively comprise the Commission’s basic financial statements
as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Commission, as of June 30, 2024, and the changes in financial position, and its cash flows for the
year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America,
and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States, and the Specifications for Audits of Authorities, Boards, and
Commissions (the “Specifications”), issued by the Auditor of Public Accounts of the Commonwealth of Virginia.
Our responsibilities under those standards and Specifications are further described in the Auditor’s
Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent
of the Commission and to meet our other ethical responsibilities, in accordance with the relevant ethical
requirements relating to our audit. We believe the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with accounting principles generally accepted in the United States of America, and for the design, implementation,
and maintenance of internal control relevant to the preparation and fair presentation of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Commission’s ability to continue as a going
concern for twelve months beyond the financial statement date, including any currently known information that
may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and, therefore, is not a
guarantee that an audit conducted in accordance with generally accepted auditing standards, Government
Auditing Standards, and the Specifications will always detect a material misstatement when it exists. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
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