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County audit issues unmodified opinion but flags internal-control weaknesses and restatement
Summary
An independent audit presented an unmodified (clean) opinion on King William County's 2024 financial statements but identified restatements, several significant deficiencies and material weaknesses in internal controls and a late federal reporting finding.
Jay, the audit partner who presented the county's fiscal 2024 financial statements, told the King William County Board of Supervisors on Jan. 13 that the auditor issued an unmodified opinion, meaning the financial statements are materially correct.
The audit showed the county's primary government net position at about $24.3 million, an increase of roughly $750,000. On a fund-basis, the county's governmental fund balance closed the year at about $15.7 million, down from about $18.9 million the prior year; the auditor attributed much of that change to normal operating variances and capital activity. Jay said general fund revenues were about $47 million and…
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