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Consultants say audit-readiness work underway; city financials traced back to 12/31/2021
Summary
Bonadio Group told the Ithaca Common Council it is reconciling records back to the city’s last independent audit on 12/31/2021, assembling reconciliations and trial balances, and helping staff solicit interest from external audit firms so the city can return to regular audited reporting. Consultants cautioned early reports will be unaudited.
Keely Hines, a partner with the Bonadio Group, told the Ithaca Common Council on Feb. 11 that the firm is working with city staff to make the city "audit ready," tracing records back to the most recent independent audit on 12/31/2021.
Hines said Bonadio's team has focused on bringing transactions that live outside the city’s Munis general ledger into a single place for reconciliations and trial balances so an external audit firm can test and complete future audits. "As you know, the most recent audit that you received from an independent…
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