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State auditors report clean opinion on Stanwood FY2024 financial statements
Summary
State audit supervisor Kirk Badboy told the council auditors issued a clean, unmodified opinion on the FY2024 statements prepared by the city and found no significant deficiencies, material weaknesses or material noncompliance; a minor uncorrected misstatement is noted in the draft report.
State auditors presented the City of Stanwood's FY2024 financial-statement audit during the March 26 council meeting and reported a clean (unmodified) opinion on the statements the city prepared.
Kirk Badboy, the audit supervisor, explained the audit covers both financial-statement accuracy and internal controls. "We did not identify any significant deficiencies or material weaknesses in internal controls," he said, and added auditors found no material noncompliance with state or federal requirements. Badboy noted the report also contains a draft independent-auditor opinion on certain U.S. GAAP statements the city did not prepare (a common dual-language presentation) and a single, very minor uncorrected misstatement listed in the draft packet.
Badboy said the office will perform additional audits later in the year (FY2025 financial statements and an accountability audit covering FY2024'FY2025) and that the draft report would be released publicly in the following one to two weeks. He directed council to resources and checklists on the auditor's website for pre-audit preparation and offered to provide follow-up support and a post-audit survey.
Council thanked the auditors and staff for their work. The presentation closed with council acknowledgment that the audit findings were favorable overall.
