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Richmond council receives clean FY24 audit; auditor flags ledger-review weakness
Summary
Auditor Mandy Kaullen told the Richmond City Council the FY24 financial statements present fairly and the audit opinion is clean, but identified one material weakness: review and posting of detailed transactions in the general ledger, and recommended the City review procedures.
Mandy Kaullen of Westbrook & Co. presented the City of Richmond's fiscal year 2024 audit at the Dec. 9 council meeting, saying the city's "financial statements ... present fairly, in all material respects" and that the audit yielded a clean opinion.
Kaullen told council members that the auditors implemented GASB 87 for leases and continued reporting under GASB 68 for pension activity. She said auditors found the financial statements to be materially correct for governmental activities, business-type activities and major funds for the year ended Sept. 30, 2025.
Kaullen identified a single material weakness in internal control: the "review and posting of detailed transactions in the general ledger." She recommended the city review and strengthen procedures for posting and supervisory review of ledger entries so transactional detail is consistently reviewed and properly posted.
Finance Director Misti Holloway was listed among staff present; the audit report and full financial statements are available on the City of Richmond website, Kaullen said. No discrepancies were reported and the auditors did not issue qualifications to the opinion.
The council took no formal vote on the audit presentation itself; the item was provided as an informational report during the meeting.
