Auditor: Olean’s FY 2024–25 statements fairly presented; internal controls need fixing
Audit representative Christopher Zera told the council the city's financial statements for FY 2024–25 are presented fairly but flagged multiple journal-entry, reconciliation and internal-control weaknesses and recommended improved budgeting procedures and reconciliations.
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Christopher Zera, the audit representative for RA Mercer & Co., PC, opened the committee session with the audit opinion for fiscal year 2024–25 and said the city's financial statements "are prepared and presented in accordance with federal and county standards, generally accepted in The United States." He cautioned that the audit identified an unusually large number of material journal entries and reconciliation issues that slowed the audit and require management attention.
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