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Audit committee reports unmodified opinion on FY24-25; council notified audit will be placed on next agenda
Summary
The Owasso audit committee reported that auditors issued an unmodified opinion for the fiscal year 2024-25 comprehensive financial report; the committee recommended formal notice that the audit is complete and placement on the council's next agenda. No council action was required to accept the audit.
The audit committee reported that the independent firm BT and Company issued an unmodified opinion on the City of Owasso's fiscal year 2024-25 financial audit and related federal grant work.
Robert Kerfmann, audit committee chair, told the council the committee received and reviewed the annual comprehensive financial report, the audit of federal grants and the auditors' management letter and met separately with auditors to discuss questions. "The auditing firm, BT and Company, provided an unmodified opinion related to the audit for fiscal year 24-25," Kerfmann said.
Tara Koons, assistant finance director, presented the city's financial results and offered to answer council questions. Committee members said they were satisfied with the reports and had no concerns to bring to the council.
Because acceptance or rejection of the financial statement audit is not a required council action, the committee recommended formal notice that the fiscal year 2024-25 audit has been completed and should be placed on the next council agenda for acknowledgement. The committee also recommended that councilors direct staff to post materials and make the auditors available for any follow-up questions at that meeting.
The committee emphasized transparency and said staff and auditors would remain available to address any councilor questions; the audit will appear on the council's upcoming meeting agenda for formal acknowledgement.
