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External auditors outline FY2025 timeline, materiality and significant risk areas
Summary
External auditors and city finance staff reviewed communications and the timeline for the FY2025 external audit, including significant-risk areas (revenue recognition, fraud risk and program compliance) and the audit schedule from planning in July to report issuance in February.
The Audit Committee received a briefing on communications required for the FY2025 external audit on Nov. 5.
Melanie Keaton, director of finance, said the city engages an external audit firm under a multi-year contract (year four of five, with a possible two-year extension). The audit firm Vismazars presented the planned timeline: planning and risk assessment in July, fieldwork and tests in August, a planning presentation in November,…
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