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City audit returns clean opinion; auditors note one material weakness
Summary
PB Meyers partner Landon Vick told the council the city's financial statements received an unmodified opinion and federal/state compliance opinions were clean; auditors identified one material weakness in reconciling the schedule of expenditures of federal awards (CIFA) to the financial statements and said a corrective action plan has been drawn up.
Landon Vick, an audit partner at PB Meyers, presented the city’s annual comprehensive financial report and said the audit produced an unmodified (clean) opinion on the financial statements and unmodified compliance opinions for federal and state programs. Vick said there were no audit adjustments, no disagreements with management and no significant difficulties encountered during the audit work.
Vick said the firm issued four reports as part of its engagement, and that accounting changes tied to recent GASB guidance produced restatements in beginning balances disclosed in the financial statements. He identified one material weakness in internal control tied to a reconciliation between the schedule of expenditures of federal awards (CIFA) and the city's financial statements; the issue did not require an adjustment to the financial statements but prompted a corrective action plan that auditors will review next year.
The audit firm also reported that three federal major programs and one state program were tested and received unmodified compliance opinions. Councilmembers had no further questions and thanked the finance staff for their work.
