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City finance office reports internal financial controls are effective despite public skepticism
Summary
The Department of Finance told council its annual internal financial control report for calendar year 2025 concludes controls are effective for producing materially accurate financial statements and noted awards and a clean audit opinion; public commenters and some councilmembers said recent lease-audit findings show operational problems that deserve separate attention.
The Department of Finance presented the city’s 2025 annual report on internal financial controls on Thursday, telling the council the city's control environment meets the threshold for producing reliable financial statements for external reporting even as councilmembers and public commenters raised concerns about operational shortcomings highlighted by a separate Mission Bay audit.
"Based on our evaluation, we have concluded that the internal financial controls are effective," said Jeff Peel, chief accountant, describing management's COSO-based assessment of control environment, risk assessment,…
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