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Richmond audit yields clean opinion; auditor flags material weakness in EDA bond reporting
Summary
CLA told the Richmond City Council it issued an unmodified (clean) opinion on the FY2025 financial statements but reported one material weakness related to Economic Development Authority (EDA) bond reporting and included six management recommendations, including staffing and internal-control improvements.
CLA principal Greg Miller presented the results of the fiscal year 2025 audit to the Richmond City Council, saying the firm issued an unmodified ("clean") opinion on the city's financial statements while identifying one material weakness related to the reporting of EDA bonds.
"We did issue an unmodified opinion," Miller said, and added that the firm "did issue 1 material weakness as it relates to the reporting of EDA bonds within the ACFR itself." He told council members the federal single-audit portion remained in…
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