Auditor: no items requiring formal communication in Oswego’s first full calendar‑year audit

The Village of Oswego Committee of the Whole heard a financial‑statement audit presentation for the 12/31/2025 fiscal year, its first full 12‑month calendar fiscal year, during which the contracted auditor reported no items that require formal communication to the board.

Martha Traver, lead principal on the engagement for CIGH, summarized the annual comprehensive financial report and related materials, saying the audit team received requested records on a timely basis and performed testing in accordance with generally accepted auditing standards. “Based on the procedures that we performed, there were no items that came to our attention that would require communication,” Traver told the committee.

Traver highlighted that the report package includes the independent auditors’ report, management’s discussion and analysis, required supplementary schedules and a statistical section prepared by village staff. She said the management discussion and analysis is particularly useful for understanding significant changes from prior years and encouraged board members to review it for context.

The auditor described corrected and uncorrected misstatements as largely presentation adjustments—mostly related to long‑term debt and capital‑asset presentation—rather than material errors in the entity’s financial position. Traver also reviewed required communications and noted upcoming pronouncements from the Governmental Accounting Standards Board, including the standard identified in the meeting as "GASB 103," which the village will need to implement in future reports.

Andrea (staff), who introduced the presentation, thanked the auditors and village staff for their work preparing the reports. The presentation was followed by questions about GASB timing and about whether any ethics or compliance issues had been identified; Traver reiterated the audit procedures and said the firm monitors GASB developments and will notify the village when implementation actions are required.

No formal votes or policy actions were taken during the presentation. The committee moved on to other agenda items after a brief question‑and‑answer period.