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Independent auditors issue clean opinion on Meridian's FY24 financials; note opioid-settlement and subscription accounting adjustments
Summary
Independent auditors presented the fiscal year 2024 audit to council, issuing an unmodified (clean) opinion and identifying non-material prior-period adjustments tied to National Opioid Settlement revenue recognition and subscription-based IT arrangements; auditors recommended continued attention to cybersecurity and internal controls.
Meridian's independent auditors presented the city's fiscal year 2024 audit at the March 11 council meeting and issued an unmodified (clean) audit opinion on the city's financial statements and federal single-audit programs. Auditors did not report material weaknesses or significant deficiencies in internal control.
Kevin Smith, the audit partner, and audit manager Kaylee Holt walked council through the audit process, risks and the limited number of uncorrected misstatements that management elected not to post because they were immaterial to the financial statements. The auditors highlighted two accounting areas that required specific attention: revenue recognition for National Opioid Settlement funds and…
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