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Danbury audit update: RSM says 2023 report likely early January; city to seek short extension
Summary
City finance staff and auditors told an ad hoc committee that the 2023 financial audit is close to complete after receipt of OPEB valuations, but several documentation items remain; RSM said it expects a final report in early January and the city plans to request short extensions from the state.
Frank Salvatore, chair of the ad hoc audit committee, convened the meeting to get a status update on Danbury City’s 2023 financial audit and to hear RSM’s timeline for finishing the report.
The auditors said the audit is in a late testing and review stage but not yet finished. Scott Bassett of RSM said the firm had multiple people working the file and had just received valuation work that must be routed to actuaries for review. “I have 8 people working through the file right now at 06:00 on a Tuesday evening,” Bassett said, adding that the firm’s partner review and other professional steps mean a final file is unlikely before a short review period completes. He said an optimistic target was the end of December but that, because of holiday schedules, “in a realistic world” he expects completion “within the first week or two of January.”
Why it matters: a completed 2023 audit is needed for the city’s year-end financial reporting and to restore the normal cadence for…
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