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PUC posts 10th consecutive clean audit; auditors call out GASB 75 adoption
Summary
KPMG reported an unmodified opinion on the PUC’s FY2017‑18 financial statements and no internal control deficiencies; the auditors highlighted adoption of GASB 75 (other post‑employment benefits) and cautioned that discount‑rate changes could materially affect liabilities.
The commission heard that the San Francisco Public Utilities Commission received a clean (unmodified) audit opinion on its fiscal year 2017‑18 financial statements, the tenth consecutive year of clean statements. Nancy Hamm, Deputy Chief Financial Officer, presented the statements and introduced Nancy Rose, audit partner at KPMG LLP, who delivered the audit results.
Rose said KPMG issued unmodified opinions…
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