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Auditors report clean financial audit for fiscal year ending June 30, 2024
Summary
Larson and Company presented the city's fiscal year 2023–24 financial statements and reported a clean audit with no findings. Auditors also noted supplemental reporting on internal controls and a separate federal awards review.
At its meeting (date not specified), the American Fork City Council heard a presentation from Larson and Company on the city's financial statements for the fiscal year ending June 30, 2024. Auditors told the council the report was a clean audit and that there were no findings.
The audit matters are required by state law. Larson and Company auditors explained to the council that the firm issued an opinion that the financial statements were presented fairly in all material respects. Auditors also reviewed supplementary reports required under government auditing standards and described a separate federal-awards audit performed in conjunction with the financial statement work.
Julian Gallo, an auditor with Larson and Company, summarized the opinion and noted that the audit looks at the city’s internal controls primarily to determine the nature and extent of audit procedures; the auditors do not provide an opinion on internal control effectiveness. Gallo said conducting the federal-awards audit alongside the financial-statement audit improves testing efficiency and reduces cost to the city.
The presentation referenced the independent auditor’s report in the financial statements packet. The council did not record a formal motion or vote on the acceptance of the audited financial statements in the portion of the transcript provided.
