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Audit committee finds reporting error but gives city a clean audit opinion; council accepts 2024 ACFR
Summary
The audit committee recommended acceptance of the City of Boulder’s 2024 Annual Comprehensive Financial Report after auditors issued a clean opinion despite a material weakness in grant reporting; council approved the audit on the consent agenda.
The Boulder Audit Committee and external auditors issued a clean opinion on the City of Boulder’s 2024 Annual Comprehensive Financial Report (ACFR), but they also reported a material weakness in the city’s grant reporting process related to classification on the Schedule of Expenditures of Federal Awards (SEFA).
Audit committee member David (Dave) Gross, a teaching professor of finance at CU Boulder and an outside financial expert for the committee, told council the…
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