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Oak Ridge auditors give city clean opinion but flag Kayenta accounting issues
Summary
PUCPAs delivered a clean opinion on the city's FY2024 financial statements but reported a material weakness tied to the recent Kayenta accounting-system implementation and identified a second significant deficiency in capital-asset accounting; management described corrective actions and said it will seek third-party help and training.
PUCPAs auditors told the Oak Ridge City Council on March 10 that the city's FY2024 financial statements received a clean opinion, but that the city must address material accounting weaknesses linked to the recent Kayenta software implementation.
The auditors said the financial statements were "presented fairly in all material respect," a clean opinion that indicates the statements can be relied on. But Gary Mitchell, the lead auditor for PUCPAs, told council that the audit identified two written findings: a material weakness related to financial reporting and reconciliations in the Kayenta system, and a significant deficiency tied to capital asset accounting.
The material weakness stemmed from several problems that began after Kayenta was implemented in late FY2023, Mitchell said: internal financial reports had not been routinely provided to senior management or council during the year; physical-inventory adjustments were not reflected correctly in Kayenta; unposted transactions were discovered late and…
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