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External audit issues clean opinion for Sports Authority; management letter to be circulated
Summary
Henderson, Hutchinson & McCullough CPAs issued a clean audit opinion for the Chattanooga Sports Authority for the fiscal year ended June 30, 2024.
An external audit of the Chattanooga Sports Authority's finances for the year ended June 30, 2024, resulted in a clean opinion with no findings or material adjustments, the authority's auditor told the board.
"We issued our opinion, a clean opinion with no findings and no material adjustments," Brock Oliver, engagement partner with Henderson, Hutchinson & McCullough CPAs, said. He told the authority the only activity recorded for 2024 was a capital improvement program of about $3.9 million and liabilities of roughly $4.1 million, with a timing difference between those figures.
After the presentation a board member asked whether a previously mentioned management letter sent to the state had been received and requested a copy. Oliver acknowledged the letter was sent and agreed to provide a copy to staff for distribution to the requesting board member.
No audit findings or material adjustments were discussed during the meeting, and no audit-related motions or formal actions were taken.
