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Newport News receives clean independent audit for fiscal year 2024; no findings reported
Summary
City officials told the City Council the independent audit of Newport News' FY2024 financial statements resulted in an unmodified (clean) opinion with no findings, and auditors reported no fraud, no material weaknesses and no noncompliance for tested federal awards.
City Manager Alan and Newport News finance officials told the City Council at its Dec. 10 work session that the city's independent audit of fiscal year 2024 resulted in an unmodified opinion and no findings.
The auditors' report, presented by Malef Sheth, audit partner with Terry Becker, concluded the financial statements "fairly present" the city's financial position in accordance with generally accepted accounting principles and provided what Sheth described as "an unmodified opinion" ' the highest level of assurance auditors provide. Virginia Lovell, finance director, said the finance department also produced a condensed Popular Annual Financial Report intended to make the accounting more accessible to residents.
The unmodified…
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