External auditors present unmodified opinion on Chickasaw County fiscal 2023–24 statements; internal-control findings noted

Elizabeth (Garner and Company, CPA) presented the Chickasaw County FY 2023–24 audit on April 14 and delivered an unmodified opinion on the financial statements for the year ended June 30, 2024. The auditors noted material adjusting journal entries were required to present the statements properly and that management approved the proposed adjustments.

Auditors reported internal-control findings common to small governments, including segregation-of-duties limitations and the county’s reliance on auditors for preparation of full-accrual financial statements and disclosures because the county lacks in-house accounting personnel with those responsibilities. The audit identified material misstatements that were corrected via adjusting journal entries related to accounts receivable, deferred inflows, capital assets and construction-in-progress (notably related to Department of Transportation farm-to-market projects). Auditors also discussed treatment and multi-year reporting for opioid-settlement receipts (Walmart, Walgreens, CVS) and delivered a statutory finding limited to budgetary controls and amendments.

The auditor explained the audit’s sampling basis and the standards applied, discussed the county’s three sets of financial statements (cash basis for budget, modified accrual for GAAP reporting to the state, and full accrual for the comprehensive annual financial report), and noted the county recorded about $5.6 million of infrastructure additions related to DOT projects in the year. The auditors also recommended improvements to timely recording of settlements and capital projects. The board had no formal action on the audit beyond the presentation and routine discussion; Elizabeth said the auditor will provide the final electronic report after the signed representation letters are returned.