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Fayetteville auditors give clean opinion but note conversion-related weakness; new auditor recommended
Summary
City auditors gave an unmodified opinion on Fayetteville's 2024 financial statements while flagging one material weakness tied to a software conversion. The board was asked to approve the statements at the next meeting and staff recommended a new audit firm, Matlock Plymouth, to replace the incumbent.
Auditors presenting Fayetteville's 2024 financial statements told the Board of Mayor and Aldermen on Feb. 6 that the statements are fairly presented under generally accepted accounting standards, but the audit identified one material weakness related to the city's recent conversion of its accounting system.
Dan Hancock, lead auditor for Buckland & Hancock, summarized the audit and told the board the report includes five findings, one characterized as a material weakness tied to the conversion to the new financial system in September 2023. Hancock said other findings were deficiencies rather than material items and that management…
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