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Independent auditors give Indio—s 2023–24 financial statements an unmodified opinion
Summary
The city—s external auditors issued unmodified opinions on the City of Indio—s FY 2023–24 financial statements and related component units audited; auditors reported no uncorrected misstatements and described implementation of new GASB guidance during the audit.
The City of Indio presented its FY 2023–24 independent audit to the council. Frances Kuo, engagement partner for the audit firm, told the council the audit resulted in unmodified (clean) opinions on the city—s financial statements and on the audited component units and special revenue funds included in the engagement.
Key points from the audit presentation
- Scope: auditors reviewed the city’s financial statements and a set of related entities / special revenue funds, performed internal control evaluation and substantive testing, confirmations and analytical procedures, and assisted the city in preparing the Annual Comprehensive Financial Report (ACFR). - Accounting standards: auditors noted the city implemented GASB Statement 100 and that significant estimates include the fair value of investments, depreciation lives and pension/other‑postemployment benefit (OPEB) liabilities. - Results: auditors reported an unmodified opinion, no uncorrected misstatements, no disagreements with management about accounting treatments, and no significant difficulties in completing the audit.
Finance Director Ruby Walla and the audit partner responded to council questions on the audit timeline and availability of the full ACFR to the public. Councilmember comments included requests to circulate the audit materials on the council agenda packet to advisory bodies and the public more conspicuously.
No financial action was required at the meeting; the audit is a required annual review.
