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City auditors say 2021 financial statements near completion, flag material weaknesses
Summary
An auditor told Ithaca Common Council the 2021 audit is close to final but will include continuing management comments and at least one material weakness tied to fixed-asset records; the auditor could not give a completion date until the city supplies remaining information.
An outside auditor told the Ithaca City Common Council on June 18 that the city's 2021 financial audit is close to completion but will include continuing findings and at least one material weakness.
"So my name is Dwayne Shoen, audit partner with Insural. I'm here just to give you, give you all an update to kinda where we stand, in terms of, completion, of the 2021 audit," Dwayne Shoen said, opening the council's audit presentation.
The audit partner told council members the team is still awaiting several pieces of information from city staff needed to finalize the report and financial statements. "At this point, at this point, we are waiting, for the city to provide the last few pieces of information we need for the audit report. Once we get those, we'll be able to, get to finalization," Shoen said.
Why it matters: The audit will include management…
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