Audit committee says FY24 audit received unmodified opinion, recommends placing report on council agenda

The audit committee of the Owasso City Council reported that the city's fiscal year 2023'24 annual comprehensive financial report received an unmodified opinion from the independent auditing firm BT and Co.

The committee, chaired by Robert Kurfman, told the joint meeting Jan. 14 that auditors provided an unmodified opinion on the city's financial statements and on the compliance audit for federal grants. "The audit committee was satisfied with the reports and related information and has no concerns to relate to the council in relation to the audit or the city's financial condition," Kurfman said.

Why it matters: An unmodified opinion is the standard auditor's conclusion that financial statements present information fairly under generally accepted accounting principles. The audit committee's recommendation to place the completed audit on the next council agenda initiates formal notice to the full council for acceptance or other action.

Details: According to committee remarks, the audit was prepared in accordance with generally accepted accounting principles and state-required audit procedures under Oklahoma state law and federal reporting requirements. The audit committee met earlier the same day with Stacy Hammond, CPA, and Trey Shelton, CPA, of BT and Co, independently of city staff to discuss audit findings. Committee members present included Robert Kurfman (chair), Jack Murray (vice chair), Andrea Odell (secretary), Paul Loving (city council representative), and Nick Sokolowski (member).

No audit findings or concerns were reported to the council at the meeting. Kurfman said the auditors were complimentary of city staff and that, historically, the city has had multiple years of clean audits. The committee recommended a formal notice that the fiscal year 2024 audit has been completed and should be placed on the city council's next agenda for formal acknowledgment or action.

Next steps: The committee's recommendation will be presented to the full Owasso City Council at its next scheduled meeting; the audit itself does not require council acceptance to have been performed, but the committee has requested formal placement on the agenda so the council can acknowledge the report.

The auditors who performed the work were identified as BT and Co; Stacy Hammond, CPA, and Trey Shelton, CPA, attended the audit committee discussion earlier in the day.