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Corte Madera accepts delayed FY2024'025 audit; auditors flag bank-reconciliation deficiency
Summary
The town accepted its delayed annual financial report and audit for the fiscal year ending June 30, 2025; auditors reported a significant internal-control deficiency related to delayed bank reconciliations, an uncorrected but immaterial misstatement, and work to finalize management letters.
The Corte Madera Town Council accepted the town's annual financial report and independent audit for the fiscal year ending June 30, 2025, after a presentation by Finance Director Chris Petlock and the engagement auditor.
Auditor Andrew (identified in the meeting as the presenting auditor) summarized the scope of work, required communications and the principal audit results. He said the audit encountered significant year-end close adjustments and a significant deficiency in internal control related to delayed bank…
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