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Auditors report unmodified opinions for Torrington’s 2024 financial statements, flag several management items
Summary
CLA presented the FY 06/30/2024 audit to the Torrington Board of Finance, reporting unmodified (clean) opinions on the financial statements and single audits while recommending management attention to prepaids, a Board of Education health insurance transaction and several fund deficits.
CLA auditors told the Torrington Board of Finance on March 18 that the cityreceived unmodified (clean) opinions on its June 30, 2024 financial statements and on federal and state single audits.
The audit opinion was accompanied by management-letter recommendations and several items the auditors recommended the city address, including correction of prepaid expenditure recording by the Board of Education, a review of the Board of Educationhealth insurance fund transaction, and plans to eliminate deficits in several funds.
Leslie Zoll of CLA told the board, "I am very pleased to report that the city of Torrington did receive clean opinions all around." Gabe Epstein, a director at CLA, said the auditors also issued unmodified opinions on major-program compliance for federal and state awards.
Why it matters: an unmodified opinion indicates CLA found the cityfinancial statements presented fairly in accordance with generally accepted accounting principles. The management-letter items identify areas where practices or controls should be strengthened to reduce future risk and improve transparency.
Key audit findings and figures - Government-wide net position: Governmental activities net…
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