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Auditors: Fayetteville City to receive unmodified opinion; pension-plan transfer requires measurement-date disclosures
Summary
External auditors told Fayetteville City officials they expect to issue an unmodified (clean) opinion next week and flagged reporting changes after the city transferred a fire pension plan to LOPFI that require GASB 67/68 measurement-date disclosures and some deferred inflow/outflow accounting.
Fayetteville City auditors said on Monday that they expect to issue an unmodified opinion on the city's financial statements next week and reported no material weaknesses or significant deficiencies in internal control.
The external audit team told the board the year's audit produced a clean opinion on the financial statements and on compliance with major federal programs and Arkansas state laws. "We're issuing an unmodified opinion on those financial statements being prepared in accordance with GAAP," one auditor said, and added the team's review of internal control found no material weaknesses.
The auditors called out two notable items for the year. First, disclosures related to a contract or entity identified in the transcript as "Savitas" are under review and the auditors have…
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