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Independent auditors give Loomis a clean opinion for FY 2023-24; recommend written reserve and grant procedures
Summary
Richardson & Company issued an unmodified (clean) audit opinion for the town's FY 2023-24 financial statements, noting resolved internal-control weaknesses from the prior audit but recommending a formal reserve policy, grant-tracking procedures and written accounting manuals.
Richardson & Company presented the Town of Loomis's fiscal year 2023-24 audit to the council and issued an unmodified (clean) opinion on the town's combined financial statements.
Managing partner Ingrid Sheplein told the council the audit found material weaknesses identified in the previous year had been addressed following staffing changes and the addition of finance review processes. She noted the audit was delayed by staffing turnover during the prior year but said the…
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