Larson & Company presented Payson City’s fiscal‑year 2024–25 audit to the council on Dec. 17, reporting an unmodified — commonly called “clean” — opinion on the city’s financial statements for the year ended June 30, 2025. The auditor said the statements “are fairly presented in all material respects” and that, overall, the audit proceeded smoothly for a first‑year engagement.

The firm outlined the three reports issued with the audit: the independent auditor’s report on the financial statements; a report on internal‑control matters required by government auditing standards; and a compliance opinion related to the state auditor’s compliance guide. The auditors said they tested controls in key cycles — cash, receivables, revenue, and disbursements — and found no material weaknesses or significant deficiencies.

Auditors identified one finding in the state‑compliance work: one or more cash accounts were omitted from the deposit investment report the city files twice a year. The partner said the omission appeared to be an oversight, that management corrected the deposit investment report immediately after the issue was found, and auditors expect the item to be resolved in the next filing cycle. Council members thanked staff for the quick correction.

The auditors also reviewed new disclosure requirements that arose after the COVID‑19 pandemic and described significant audit risks they address routinely, such as revenue recognition, cash disbursements, management bias in estimates, and journal‑entry controls. The firm reminded the council that certain sections in the financial statements — notably management’s discussion and analysis (MD&A) and long‑term pension schedules — are required supplementary information and are unaudited but should accompany the audit report.

The council had no further questions and expressed appreciation for staff work on a first‑year audit. The presentation concluded with an offer from the auditor to discuss recommendations and follow‑up items with staff.