Auditors issue clean opinion for Carpinteria Fire Protection District FY2024; prior‑period investment adjustment recorded

Joanne Berry, the engagement partner from Vector & Associates, told the Carpinteria Fire Protection District Board on March 5 that the firm issued a clean opinion on the districtfinancial statements for the fiscal year ending June 30, 2024.

"We issued a clean opinion over the financials, including the footnotes," Berry said, describing the audit as a mix of on‑site and remote work and noting a rotation of the engagement partner this year.

Berry told the board auditors made several audit adjustments and one prior‑period restatement tied to investments pooled by the county. The county accounting system had reported pooled investments at cost; Vector & Associates adjusted the districtbooks to show those investments at fair market value, and the firm recorded a prior‑period adjustment to true up the prior year county pooled assets.

Berry also described other audit entries: capital outlay accumulation, accrued payroll and compensated absence adjustments, lease liability principal and interest truing, and capture of reimbursable grant receivables. She said the number of journal entries processed during the audit "may indicate a weakness in the reporting and financial statement close process," though she told the board the auditor did not classify the issue as a significant deficiency.

Board members asked why the investment valuation issue had not appeared in prior audits; Berry said the county letter with the fair‑market‑value detail was provided to the district only this year and that rotation of audit personnel can surface items previously unnoticed. She recommended the district review closing processes and internal controls to reduce audit adjustments in future years.

Berry noted that the firm performed limited procedures on required supplementary information and that Management's Discussion and Analysis (MD&A) was not presented with the financials. She explained MD&A is prepared by management and offers additional context but does not prevent the auditors from issuing an unmodified opinion on the audited statements.

At the meeting the board moved to "accept and file the audited financial statements for 06/30/2024." The motion was seconded and approved by voice vote.

The district administrative staff and Fire Chief were thanked by board members for their role in supporting the audit; Berry also acknowledged Grace and district staff for responsiveness during the audit.