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Seaside auditor reports clean 2022-23 opinion but flags material weakness in fund transfers
Summary
At a Seaside work session, auditor Rick Prew of Kearny Thompson told city leaders the fiscal 2022-23 financial statements received an unmodified (clean) opinion, while the audit identified a material weakness tied to a large interfund adjustment; staff and council discussed fund consolidation and ARPA spending rules.
At a Seaside work session, auditor Rick Prew of Kearny Thompson told council members the citys fiscal 2022-23 financial statements received an unmodified, or "clean," opinion, while the audit also included a material weakness in internal control related to a large adjustment between funds.
Prew said the firm issued three audit reportsthe financial statement audit, testing under Oregons minimum standards, and a report under government auditing standardsand that each received a clean opinion. "We rendered an unmodified opinion a clean opinion," he said, adding that the city is "in sound financial condition."
The auditor told the work session the material weakness arose because auditors needed to propose a sizable adjustment moving…
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