External auditors give SVCE a clean opinion; board receives audit and reappoints partner through 2026

Silicon Valley Clean Energy’s independent auditors reported an unmodified (clean) audit opinion on the agency’s fiscal year 2024 financial statements and the board voted to receive the audit results unanimously.

Helen Gilbert, the engagement audit partner, told the board the audit produced an unmodified opinion: "based on our opinion, the financial statements were free of material misstatement," she said during her presentation. Gilbert summarized the audit approach, including tests of revenue recognition, accrued cost of electricity and note disclosures, and noted there were no reportable deficiencies, disagreements with management or limitations to the auditors’ scope.

Gilbert also explained the firm completed a combination with a larger regional practice and will operate under a new unified name over the summer of 2025; she said the local Santa Rosa office will continue to provide the same audit staffing and services. The auditors confirmed a signed contract to provide audit services through the fiscal year ending Sept. 30, 2026.

Following the presentation, the audit committee chair briefed the board on the committee’s review and recommended the board receive the results. Director Showalter moved to approve the committee recommendation to receive the audit results; the motion carried unanimously on a roll‑call vote.

Board members asked whether a clean opinion means an agency is financially healthy; Helen Gilbert clarified that an audit opinion addresses whether the financial statements are accurate, not whether reserves or surpluses are sufficient. "Our opinion isn't on the overall health of the financial statements," she said, explaining a clean opinion means the statements are free of material misstatement if prepared accurately by management.

The board then voted to receive the audit results and approved the audit committee’s recommendation to continue the engagement through the contract term.