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Auditors give Largo City clean opinion on 2024 financial statements
Summary
An auditor presenting Largo Citys annual report told the commission the city received unmodified opinions on the financial statements and on federal and state grant compliance, and reported no material weaknesses or findings in required management letters.
Auditors reported an unmodified (clean) opinion on Largo Citys fiscal-year financial statements and no reportable findings in the related government-auditing or single-audit exams.
The unmodified opinion, the auditor said, is "the highest level of assurance" and indicates users can rely on the numbers in the citys financial statements. The presenter reported two federal programs and one state program were subject to the single-audit procedures and each received an unmodified opinion.
Why it matters: A clean audit and a clean single-audit reduce near-term compliance and borrowing risks and signal to grantors and bondholders that the citys…
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