University City audit yields clean opinion; auditors report repeated significant deficiency on adjusting journal entries

University City City Council members received the city’s fiscal year 2024 Comprehensive Annual Financial Report on Feb. 10 and heard from Sikich auditors that the financial statements received an unqualified (clean) opinion, though auditors reported a significant deficiency related to adjusting journal entries and several management recommendations.

The audit presentation was delivered by Mike Williams, principal at Sikich, who said, “in our opinion, the financial statements referred to present, fairly in all material respects,” and walked council through the report’s major schedules, notes and supplemental sections. Finance Director Keith Cole introduced the presentation and assisted during the question-and-answer period.

The nut graf: the clean audit opinion signals the auditors found no material misstatement in the fiscal-year financial statements, but the significant deficiency — a non-material but reportable finding — and eight items in the management letter mean staff and council will need to address internal-control and accounting-process weaknesses to reduce future audit adjustments.

Williams summarized the government-wide…