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Roscoe audit returns unmodified opinion; auditors note minor control items
Summary
An independent audit presented to the Village of Roscoe board issued an unmodified opinion and identified minor internal-control items, while staff discussed fund balances and a pending pension report.
At the Village of Roscoe board meeting Dec. 3, village officials reviewed the annual independent audit, which issued an unmodified opinion, and discussed a small number of internal-control matters, village staff said.
Why it matters: An unmodified opinion indicates the auditors found the financial statements fairly presented in all material respects. Board members and staff discussed internal-control observations described in the audit report and a pending state pension report that could affect future budget entries.
Village staff summarized the audit package in the meeting packet and described routine audit sections: the independent-auditor’s report (an “unmodified” opinion), required communications, risk assessments and areas of emphasis including cash and payroll. Staff said the auditors identified two standard significant-risk areas that appear on many engagements — management override and revenue recognition — and highlighted several minor internal-control matters. One specific finding described in the report involved a timecard that had not been signed; the item was corrected after auditors requested documentation.
Staff walked trustees through fund-balance results in the statements. The village’s total fund balance across all funds was reported at $8,820,000 as of Dec. 31, 2023. The general fund showed a budgeted use of fund balance that was smaller than expected; staff described a change in the general fund balance of $3,270 and noted additional capital-project inflows of $74,000 and other nonmajor fund additions of $45,000 in the reporting period.
The village also discussed the pension reporting process. Staff noted that the state’s pension report used in the audit had not yet been released by the state, so the village used its best available estimates for budgeting. Officials said they will update entries once the state report is available.
The audit presentation concluded with staff calling the report “good” overall and indicating the internal-control matters were minor. The board accepted the audit materials during the meeting; related votes on payments and budget items were taken later in the session.
