Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Financial Audit topic
No spam. Unsubscribe anytime.
City auditor issues unmodified opinion on regulatory basis; finds COVID-fund compliance
Summary
Auditor Kayla Williams told the council BT and Company issued an unmodified opinion on the city's financial statements presented on the regulatory basis and that a separate compliance review found the city met Department of the Treasury COVID-fund requirements in all material respects.
Kayla Williams of BT and Company presented the city's 2024 audit to the Andover City Council and said the firm issued an unmodified opinion on the city's financial statements presented on the regulatory basis of accounting.
Williams said the firm performed an alternative compliance engagement in lieu of a single audit for the city's federal coronavirus-related funds and that the review found the city "did comply in all material respects with those specific requirements." She also said an actuarial estimate of the city's net pension liability was reasonable and that management had agreed to audit adjustments identified during the process.
Williams explained why the firm reported an adverse opinion on U.S. generally accepted accounting principles (GAAP): the city had adopted a resolution to waive full GAAP presentation and instead present financials on the state's regulatory basis. Williams said that practice, while permissible with council approval, results in a separate reporting line explaining the waiver and the regulatory-basis opinion.
Council members had no substantive questions after the presentation and acknowledged the positive results Williams described. No formal action was taken on the audit presentation during the meeting; the audit documents were included in the consent packet for council review.
