HomeMy WebLinkAboutI. A. AUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED 12.10.2024City of Virginia BeachCity Council Presentation
December 10, 2024
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Results of the Audit
Financial Statements:
We have audited the financial statements of City of Virginia Beach(the “City”), as of and for the year ended June 30, 2024,
and we have issued an unmodified opinion on the financial statements in our report thereon dated December 5, 2024.
Government Auditing Standards (“GAS”) and the Commonwealth of Virginia’s Auditor of Public Accounts (“APA”)
Specifications for Audits of Counties, Cities, and Towns:
We identified no instances of noncompliance required to be reported under GAS or the APA Specifications.
We identified no material weaknesses in internal control over financial reporting.
Uniform Guidance:
We have issued an unmodified opinion on the City’s compliance with each major federal program.
We identified no material weaknesses in internal control over compliance in accordance with the Uniform Guidance.
We identified one item considered to be a significant deficiency and non-material non-compliance, which is described as
item 2024-001 in the Schedule of Findings and Questioned Costs.
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As described in Note 1, the City adopted GASB Statement 100, Accounting Changes and Error Corrections effective July 1,
2023. The adoption of this standard had no impact on the City’s financial statements.
As described in Note 1, the City adopted GASB Statement 101, Compensated Absences effective July 1, 2023.
Accordingly, the accounting change has been retrospectively applied to prior periods presented as if the policy had always
been used.
No other new accounting policies were adopted, and the application of existing policies was not changed during the year. We
noted no inappropriate accounting policies or practices.
Qualitative Aspects of Accounting Practices
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Other Required Communications
Difficulties
Encountered
Disagreements
with Management
Auditor
Consultations
Management
Representations
Management
Consultations
Other Findings
or Issues
Fraud and
Illegal Acts
Going
Concern
cbh.com
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This material has been prepared for general informational purposes only and is not intended to be relied upon as tax, accounting, or other
professional advice. Before taking any action, you should consult a professional advisor familiar with your particular facts and circumstances.
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Laura Harden, CPA
Audit Director
lharden@cbh.com
Contacts
Hailey Kadisevskis, CPA
Audit Manager
hailey.kadisevskis@cbh.com
Questions