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City of Wausau auditors report clean 2024 opinion; GASB 101 prompted a material adjustment
Summary
External auditors CliftonLarsonAllen presented the city’s 2024 financial audit to the finance committee, reporting an unmodified (clean) opinion, one material weakness tied to GASB 101 compensated‑absences adjustments, and a single audit finding related to federal suspension and debarment documentation.
CliftonLarsonAllen (CLA) representatives gave the City of Wausau Finance Committee an overview of the city’s 2024 financial audit on Oct. 14, reporting an unmodified, or “clean,” opinion on both the city’s financial statements and the federal/state awards tested.
John Trautman, principal at CliftonLarsonAllen, told the committee: “The city achieved an unmodified opinion. That’s a clean opinion.” He said CLA issued a single material weakness related to adjustments to the city’s financial records tied to implementation of GASB 101 (the Governmental Accounting Standards Board standard on compensated absences). Trautman said auditors made a material adjustment to beginning balances to comply with the new GASB 101…
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