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Atwater audit returns clean opinion but flags audit preparedness and federal compliance gap
Summary
Auditors issued an unmodified opinion on Atwater City's FY2024 financial statements but identified significant deficiencies including late audit timing, closing/schedules weaknesses and a single-audit finding that the city did not verify whether federally funded contractors were suspended or debarred.
Atwater City's independent auditors told the Audit and Finance Committee on Oct. 13 that they issued an unmodified (clean) opinion on the city's financial statements for the fiscal year ended June 30, 2024, while identifying several significant deficiencies that the city needs to address.
"We have issued an unmodified opinion," Ahmed Badawi, the audit partner from Badawi and Associates, told the committee, adding that the firm's review followed generally accepted auditing and government auditing standards. Badawi said the firm found no material weaknesses but did report significant deficiencies including the city's financial-closing and audit preparedness and a compliance finding under the single audit of federal grant expenditures.
Badawi said the city's unrestricted general-fund balance is strong, noting roughly one year of annual expenditures is held in…
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