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City auditors give unmodified opinion for FY2023 but flag internal-control weaknesses and single-audit findings
Summary
Audit firm BMSS reported an unmodified opinion on HomewoodCityfinancial statements for the year ending Sept. 30, 2023, but identified three material weaknesses and other compliance findings; council committee accepted the audit report 4-0.
Homewood City received an unmodified audit opinion for the fiscal year ending Sept. 30, 2023, but auditors from BMSS told the finance committee on Feb. 3 that the city has several material weaknesses in internal control and findings in its single-audit review.
BMSS assurance senior manager Jenny Gray told the committee the firm concluded the financial statements were "presented fairly in all material respects" but reported three material weaknesses and one significant deficiency in internal controls. Gray said the city had $3.5 million in federal-award expenditures in 2023 and that BMSS tested major federal programs as required under the Uniform Guidance.
The audit…
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