External auditors outline focus areas as Astoria prepares 2024 audit

Ashley Austin, engagement reviewer from Moss Adams, gave the council an entrance conference describing the scope and timing of the 2024 audit. Austin said the firm “design[s] the audit to obtain reasonable, not absolute assurance,” and listed the audit’s three pillars: internal controls, analytical procedures, and substantive testing (invoices, confirmations, and journal‑entry testing).

Austin told the council auditors will pay particular attention to revenue recognition and the valuation of receivables, existence and valuation of capital assets, completeness of long‑term debt disclosures (noting Astoria issued a bond in 2023), pension and OPEB liabilities, and federal compliance (single‑audit) because Astoria spends more than $750,000 of federal funds. She noted auditors will assess materiality and document internal‑control understanding, and described the planned October onsite work followed by reporting to meet the state’s December filing timeline.

Councilors asked for clarification about risks and controls related to capital assets and contributed assets such as dock work; Austin explained capital items are often recorded at year‑end rather than month‑to‑month, and special attention is needed for contributed assets. She also reiterated that the audit reviews but does not provide an opinion on internal controls themselves, and invited staff and council members to raise any areas of concern prior to audit fieldwork.

Next steps: Moss Adams will perform interim and final procedures in October and aim to present final reports in January to meet state deadlines.