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Durham schools accept 2023–24 audit after report cites seven material weaknesses; staff lays out fixes
Summary
Auditors reported seven findings including unreconciled accounts, budget violations and increased payables; the district's new finance leadership outlined steps taken to modernize accounting, reconcile balances and prevent recurrence.
Durham Public Schools on Thursday accepted the district's audited financial statements for the 2023'24 fiscal year after external auditors reported seven findings and material weaknesses in controls. The audit, presented by Paul Carson of Anderson, Smith & Wike PLLC, found repeated issues including unreconciled bank and general ledger accounts, budget over-expenditures and a sharp increase in accounts payable that auditors traced to a management decision in April 2024 to delay paying larger invoices while cash position was uncertain. Auditor Carson also reported a net loss in the school food service fund and an actuarial correction of the district's self-insured workers'compensation liability. The findings matter because they affect the district's financial transparency…
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