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Board accepts fiscal‑year audit, management letter recommends controls fixes
Summary
The Board of Finance accepted the fiscal‑year audit and heard the auditor’s management letter recommending improved controls over journal entries, a formal closing schedule, fixed‑asset accounting improvements and clarifying ordinance language on pension discount rate; the board voted unanimously to recommend council adoption of the audit.
The Board of Finance unanimously accepted the fiscal‑year audit (fiscal year 2024) and reviewed the auditor’s management letter, which included three recommendations to strengthen financial controls.
The auditor (firm identified in materials as Arkham, now acquired by CBS) recommended improved controls over journal entries and adherence to a formal year‑end closing schedule, better fixed‑asset accounting (including exploring software the city…
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