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City auditors cite reporting gaps in 2023 audit; council authorizes fire-department account transfers
Summary
External auditors issued a clean opinion on most funds but an adverse opinion on the city s a whole because component units and certain accounts were omitted from the financial statements; council approved transferring several fire-department accounts into separate EIN accounts and authorized prior transfers to stand.
City auditors presented the fiscal 2023 audit at a joint meeting Tuesday, saying the city—ould not be audited as a consolidated reporting entity because component units and several bank and investment accounts were not included in the city's financial statements.
"We issued an adverse opinion on the reporting entity because those component units were not included," auditor Mike Lamb said, describing the difference between the government-wide opinion and the clean opinions auditors gave for most individual funds.
The audit team reported an unmodified (clean) opinion for the city's governmental funds and for business-type activities such as water and sewer. The auditors also identified two primary findings: a series of material year-end journal entries needed to reconcile accounts, and the absence of complete financial-statement preparation documentation from management.
Lamb said auditors…
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