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External auditors outline 2024 audit plan, single-audit coverage and reporting changes
Summary
City/county external auditors presented their 2024 audit approach on March 7, highlighting risks around revenue recognition and accrual conversions, federal single-audit programs including ARPA/CSLFRF and COVID awards, and a reporting-entity change that removed the Indianapolis Housing Authority from the city's financial statements.
External auditors briefing the Indianapolis-Marion County Audit Committee on March 7 summarized the scope, timing and risk focus for the 2024 financial and federal-award audits and described recent reporting changes affecting the city’s financial statements.
Rick Clayton, partner with the external engagement team, told the committee the auditors conduct the financial-statement audits “in accordance with generally accepted auditing standards” and the federal-award work under “uniform guidance.” He said the audit provides “reasonable rather than absolute assurance” and that auditors “don't audit every single transaction, we don't audit every single penny.”
Key audit risk areas called out by the auditors include improper revenue recognition and override of controls (inherent risks for most governments),…
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