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Auditors give City of Wausau a clean opinion; GASB 101 adjustment and single-audit changes noted
Summary
CliftonLarsonAllen presented the city's 2024 financial audit, issuing an unmodified opinion, noting a material adjustment tied to GASB Statement No. 101 (compensated absences), a significant deficiency on suspension/debarment documentation, and guidance on upcoming single-audit and federal reporting changes.
External auditors CliftonLarsonAllen (CLA) presented the City of Wausau’s 2024 financial audit at the Oct. 14 Finance Committee meeting and issued an unmodified opinion on both the city’s financial statements and its federal/state awards. CLA reported one material weakness tied to adjustments for GASB Statement No. 101 (compensated absences) and one significant deficiency related to documentation of suspension and debarment checks on federal grant vendors.
CLA’s John Trautman (principal) and Stuart Randall (audit manager) described the scope of the audit and the resulting opinions. The auditors said the city’s financial statements are free from material misstatement and that federal- and state-award testing did not produce material issues. The report included a management letter with recommendations on…
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