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King George County audit: clean opinion but auditors report material reporting weakness; fund balances rose
Summary
External auditors issued an unmodified (clean) opinion on the county’s 2024 financial statements but reported a material weakness requiring auditor-recommended adjustments to financial statements; the county’s governmental fund balances increased in FY2024, with unassigned fund balance reported at about $43.6 million.
Auditors presenting King George County’s annual financial report for the year ended June 30, 2024 told supervisors they issued a clean independent auditors’ report on the financial statements, but they did report a material weakness in internal control tied to the need for material auditor adjustments to the statements.
Andrew Grossnickel of the audit firm reviewed the results and explained the county received an unmodified opinion on the financial statements and a separate government-auditing-standards report (the “yellow book” report). He said the county also required a single-audit (Uniform Guidance) because of federal grant thresholds; no material weaknesses were reported for the major federal…
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