An independent financial review presented to the Fullerton City Council on Monday concluded that the city’s $2.9 million accounting error and the disappearance of roughly $10 million in unassigned fund balance were the product of bookkeeping mistakes, weak financial governance, and unclear budget presentation — not fraud. But the firm that conducted the review, Grant Thornton Advisors LLC, was explicit, in both its presentation and its written report, that it was never asked to look for fraud in the first place.
A Review, Not an Investigation
According to Grant Thornton’s engagement materials, the City of Fullerton hired the firm under a Statement of Work dated April 30, 2026, to analyze specific accounting transactions and budget items from the fiscal year ending June 30, 2025. The scope was to determine whether those transactions were conducted at arm’s length, complied with…
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