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Independent auditors give Pittsburg a clean audit opinion, note internal-control findings
Summary
Auditor Stacy Hammond of BT and Co. presented the city's 2024 annual financial statements and issued an unmodified (clean) opinion, while reporting a significant deficiency and a material weakness related to federal-expenditure documentation and suspension/debarment checks; the city submitted corrective action plans and auditors will follow up next year.
Stacy Hammond, partner at BT and Co., presented the City of Pittsburgs 2024 audited financial statements to the commission on Sept. 23 and said auditors issued an unmodified opinion, indicating the statements are presented fairly in all material respects under generally accepted accounting principles.
Hammond walked commissioners through the audit scope and standards, noting the audit was performed under generally accepted auditing standards, government auditing standards, the Single Audit Act, and related OMB uniform guidance. "As a result of performing those procedures, we did determine that the city's financial statements are presented fairly in all material respects... Therefore, we issued an unmodified audit opinion," she said.
Hammond also reviewed recently implemented accounting guidance (GASB Statement No. 101 on compensated absences) and called attention to significant accounting estimates that receive annual scrutiny, including other post-employment benefits, the net pension liability related to the citys CAPERS participation, lease-related balances, and accrued compensated absences.
On compliance matters tied to federal spending, Hammond said the auditors identified one significant deficiency in internal control over compliance (lack of supporting documentation for review on two federal expenditures) and one material weakness (insufficient supporting documentation that suspension and debarment procedures were performed before procurement activity). She said corrective action plans were put in place and completed to address those issues and auditors will follow up as part of next years procedures.
Commissioners asked about timing: several members said they would have preferred more advance time to review the audit package. Hammond confirmed the audit was completed and dated Sept. 19 and that BT and Co. delivered the documents to the city that day. She said auditors aim to provide reports earlier where possible and are available to return to answer questions.
Mayor (unspecified) and commissioners thanked the finance staff and auditors for their work and welcomed the newly hired finance director, who was introduced later in the meeting.
