Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Audit committee hears plan-of-correction; Nathan Reed says FY24 is closed and remedies will reduce prior misstatements
Summary
Finance staff told the Jackson City Audit Committee that FY24 closing adjustments are complete, software misconfigurations caused large-period postings that will be corrected, receivable and liability adjustments are underway and staffing/succession risks remain; the committee approved posting an internal-auditor job description.
Nathan Reed (S2) told the Jackson City Audit Committee that the city has closed its FY24 books and is implementing a plan of correction to address multiple audit findings, including software misconfigurations that caused cash misstatements and improper period postings.
Why it matters: The corrective steps and staffing decisions will shape the city's financial controls, the size of audit adjustments and the timeline for upcoming audits; committee members pressed for clearer timelines and succession planning as senior accountants near retirement.
Reed said the city had completed final adjusting entries for FY24 and verified reconciliations for FY25, and that changes to year‑end cutoff procedures…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
