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Milwaukie earns clean audit; Moss Adams notes one budget overrun and minor adjustments
Summary
External auditor Moss Adams delivered an unmodified (clean) opinion on the city’s financial statements, reported no fraud, but identified one general-fund IT over-expenditure (about $35,000) and three minor proposed audit adjustments that management did not record.
Moss Adams presented the City of Milwaukie’s annual financial audit to the City Council and reported an unmodified opinion on the city’s financial statements, meaning the auditor found the statements to be presented fairly under U.S. generally accepted accounting principles. Ashley Austin, the engagement reviewer from Moss Adams, told council the audit identified no material weaknesses, no reportable fraud and no disagreements with management.
The audit team performed standard procedures: risk assessment, testing of internal controls, verification of account balances with third parties, substantive testing of transactions…
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