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City auditors give Maricopa a clean opinion on FY23 finances
Summary
External auditors Heinfeld & Meach issued an unmodified (clean) opinion on the City of Maricopa’s fiscal year 2023 financial statements and reported a small audit adjustment related to grant revenue timing; no fraud or disagreements were identified.
Maricopa City Council — Heinfeld & Meach issued an unmodified opinion on the City of Maricopa’s fiscal year 2023 financial statements, the firm told the council during its presentation.
The audit partner said the unmodified — or “clean” — opinion means the statements are materially accurate and can be relied on; auditors also issued a single-audit report and compliance examinations for HEERF and the annual expenditure limitation report (ELR). The audit included a small management correction related to grant revenue timing.
Christopher Heinfeld, audit partner for Heinfeld & Meach, outlined the audit timeline and scope, saying the firm did preliminary field work in July and returned for final field work in November, and that the final report was issued Feb. 1. Heinfeld said the audit followed Government Auditing Standards and the Uniform Guidance for federal compliance and included additional compliance reports on HEERF and the ELR. He told the council the city performed a detailed review under GASB Statement 96 (subscription-based IT arrangements) and that auditors found no material impact to the financial statements this year.
Heinfeld described two material estimates reviewed during the audit: useful lives for depreciable capital assets and actuarial valuations for pension plans (ASRS and PSPRS). He said auditors proposed a few adjustments, primarily related to grant revenue recognition and timing; management agreed and corrected the statements. Heinfeld added that auditors found no disagreements with management, no evidence of fraud, and that the firm annually assesses its independence.
The 125-page annual comprehensive financial report includes the independent auditor’s report (unmodified), management’s discussion and analysis, government-wide and fund financial statements, notes, required supplementary information and a statistical section with 10-year trend data. The single-audit report identified the corrected revenue recognition matter but otherwise showed no material weaknesses or significant deficiencies in federal compliance controls.
Council members had no substantive questions after the presentation. Heinfeld thanked city management and the Department of Business Administration for cooperation during the audit.
The council received the audit presentation; no formal council action was recorded on the audit itself during the meeting.
