An independent audit partner from I. Bailey presented results of the Boulder County Housing Authority audit for the year ended Dec. 31, 2024, to the BCHA board on Aug. 26. The firm issued an unmodified (clean) opinion on the financial statements and a clean opinion on compliance with major federal programs.
Auditor Aaron Ness told the board that, because of the housing authority's complexity, the audit identified one significant deficiency (the middle level under auditing standards) related to the preparation of the financial statements and the Schedule of Expenditures of Federal Awards (SEFA). The finding included an audit adjustment for an unrecorded HUD Housing Assistance Payments (HAP) receivable and a pass-through grant that was omitted from the SEFA; management provided a corrective-action plan.
Finance staff described steps taken to reduce recurrence: closer pre-audit coordination with the county Office of Financial Management, development of a central grants spreadsheet tracking federal/state pass-through grants, and early engagement with auditors prior to field work. Auditors said staff were responsive and that the authority's complexity makes periodic audit adjustments more likely.
Commissioner Stoltzmann asked about the corrective-action plan and whether additional staffing or automation would help; staff said the plan includes pre-audit checks and closer coordination and that further automation may be considered. The board voted to accept the audit presentation; commissioners moved and seconded a motion to accept the audit and approved it by voice vote.