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Milwaukie audit: clean opinion but $22.3 million prior‑period adjustment exposes depreciation weakness
Summary
External auditors issued an unmodified (clean) opinion on Milwaukie's FY2025 financial statements but flagged a material weakness tied to asset depreciation that required a $22.3 million prior‑period adjustment; management said the change has no direct cash impact and pledged policy updates.
Milwaukie's external auditors gave the city's fiscal-year 2025 financial statements an unmodified (clean) opinion while reporting a single material weakness tied to asset depreciation.
Ashley Austin, engagement reviewer for Baker Tilly, told the council the audit covered the period from July 1, 2024, through June 30, 2025, and included tests of transactions, confirmations with third parties, internal-control reviews, and federal‑grant compliance testing (the auditors selected ARPA as the major program for single-audit procedures). Austin said the firm issued a clean opinion that the financial statements were fairly presented in accordance with generally accepted accounting principles.
At the same time, Austin…
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