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Wood Village audit returns unmodified opinion; city told no material exceptions
Summary
ClearTrail CPAs presented the City of Wood Village’s 06/30/2025 financial-statement audit, reporting an unmodified (clean) opinion and no significant exceptions in the Oregon minimum standards compliance review; auditors noted a handful of immaterial, uncorrected misstatements that did not affect the audit opinion.
Tara Camp, partner at ClearTrail CPAs, told the council that the firm issued an unmodified opinion on the city’s financial statements for the year ending June 30, 2025, and found no exceptions in the Oregon minimum standards compliance audit except items noted in the report. "For the financial statement audit, we issued an unmodified opinion on the financial statements," Camp said, adding the city implemented GASB guidance related to compensated absences during the period.
Camp said the firm did record a small set of uncorrected misstatements on a required schedule but characterized them as immaterial and not worth adjusting. "These are things that come up in a normal course of an audit that are not material to the financial statements and are not worth making adjustments for," she said in response to a council question about the cover letter. Council members praised finance staff for their preparation, and staff confirmed the change to ClearTrail satisfies the city’s auditor-rotation requirement in its procurement rules.
The presentation also noted upcoming GASB standards (listed as GASB 103 and GASB 104) that will affect future reporting; the auditor said she and staff will work to implement the changes in the next reporting cycle. The council had no further questions and thanked the finance team for the audit preparation and transparency.
