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Audit commission receives unmodified opinion for fiscal 2024–25, flags PFAS grant accounting issue
Summary
Davis Farr told the Tustin City Audit Commission it issued an unmodified opinion for the fiscal year ended June 30, 2025, noted a compensated-absences restatement of roughly $300,000, and recorded a single-audit finding tied to a $10 million PFAS grant passed through to Orange County Water District.
Jennifer Farr, lead auditor with the firm Davis Farr, told the Tustin City Audit Commission on Jan. 22 that Davis Farr issued an unmodified opinion on the city’s financial statements for the fiscal year ended June 30, 2025.
Farr said the firm included an "emphasis of matter" to disclose a new accounting standard affecting compensated absences — the accounting for sick and vacation time — which increased the city’s liability by about $300,000. "Note 21 in the financial statements shows more detail about that restatement and the impact of the restatement,"…
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