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Audit finds clean opinion but flags internal-control and federal-compliance weaknesses
Summary
City auditors gave Rapid City an unmodified (clean) opinion on its 2024 financial statements but identified material weaknesses in internal controls and two compliance findings tied to federal funding oversight.
Tracy Hanson, a partner with Cato Thorstenson, told the Rapid City Legal and Finance Committee on Sept. 10 that the independent auditors issued an unmodified opinion on the city—s 2024 financial statements and an unmodified opinion on the compliance audit component, but they also identified material weaknesses and two compliance findings.
Hanson said, "the independent auditors report expresses an unmodified opinion that is a clean opinion that you want to receive as a, as a part of the audit process." She told the committee that auditors found internal-control weaknesses "related to internal controls for various…
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