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Baker Tilly outlines audit timeline, GASB 101 effects for KCSD fiscal‑year 2024–25 audit
Summary
Baker Tilly auditors told the Keystone Central board on Aug. 7 they plan to begin fieldwork after Labor Day, expect to complete the 06/30/2025 audit by the district’s March 31 federal/state reporting deadline, and flagged GASB 101 as an accounting change that may affect compensated‑absence reporting.
Auditors from Baker Tilly presented the district’s 2024–25 audit planning communication at the Aug. 7 work session, describing timeline, core team members, key audit concepts and expected accounting changes.
John Compton, the engagement lead, told the board that the firm performs the bulk of audit work in September and October after the district closes its books: "Keystone is ready for the audit shortly after Labor Day, and our audit starts in earnest at that point," he said. Compton noted the district’s general fund balance is…
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