CBIZ presents draft FY2023 audit; auditors flag internal-control weaknesses and clarify fund-balance items

CBIZ auditor Jim Wilkinson presented the draft fiscal-year 2023 audit to the Woonsocket City Council on May 12, 2025, saying the financials were largely accurate but that a few line-item reclassifications and internal-control improvements are needed before finalization.

Wilkinson told the council the draft shows a general-fund increase in fund balance of about $275,000 for the year but noted the unassigned fund-balance number in the draft ($9,900,000) will be parsed into restrictions and encumbrances before the statements are finalized. He described the draft as a near-final product that still requires coordination with city and school management and with state reporting requirements.

"Largely, the numbers that were presented to us for audit were correct and not require adjustment," Wilkinson said. He also flagged internal-control deficiencies tied to year-end closing…