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Vista receives clean audit; auditor flags accounting change on compensated absences
Summary
The city uditor told the Vista City Council the fiscal-year financial statements earned an unmodified (clean) opinion while noting a new GASB accounting standard increased the city's compensated-absences liability; a single audit is underway because federal grant spending met the threshold.
Jonathan Foster, partner at Davis Pharr LLP, reported to the Vista City Council that the city's Fiscal Year comprehensive financial statements received an unmodified ("clean") audit opinion. "You did receive an unmodified, otherwise known, a clean audit opinion," Foster said during his presentation, noting that the audit team found no conditions that required modifying the opinion.
Foster told the council the most significant audit note relates to implementation of a new government accounting…
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