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External auditors give city unmodified opinions but flag PUC material weakness and SFMTA federal-draw errors
Summary
MGO and KPMG reported clean (unmodified) opinions on FY2018–19 financial statements but noted a material weakness tied to a $35 million PUC double-booking and about $1.5 million in unallowable federal draws at SFMTA that were corrected. The committee filed the hearing.
The Government Audit and Oversight Committee heard external auditors from MGO and KPMG on Nov. 5, 2020, on the City’s FY2018–19 audits and the FY2019–20 audit plan. Auditors reported unmodified (clean) opinions on the consolidated financial statements but identified control deficiencies and required follow-up steps.
Annie Louie of MGO and KPMG’s team said that for the audited entities the auditors issued unmodified opinions, but they reported corrective actions and certain deficiencies. On the Public Utilities…
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