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Auditors issue clean opinion on Oregon ACFR; note $5.6 billion tax-kicker reporting correction
Summary
The Secretary of Stateaudits division reported unmodified opinions across 13 ACFR opinion units for fiscal year 2024 and highlighted a $5.6 billion accounting correction related to the state's tax kicker presentation.
The Joint Committee on Legislative Audit received the Oregon Annual Comprehensive Financial Report (ACFR) audit presentation on Feb. 10, 2025, and auditors said they issued unmodified (clean) opinions for the state's fiscal year 2024 financial statements across 13 opinion units.
Steve Bergman, audits director for the Oregon Secretary of State, told the committee the ACFR audit is the office's primary financial audit and required the effort of the division's financial auditors over a seven-month period. "We have 32 financial auditors," Bergman said, and the audit covers financial information compiled by the Department of Administrative Services (DAS) for more than 100 separate state agencies.
Bergman said the auditors' opinions were unmodified for fiscal year 2024, meaning "we have determined that the financial statements conform to generally accepted accounting principles and are fairly stated." He said auditors rely on the work of outside firms to audit the Oregon Public Employees Retirement System (PERS) and the Common School Fund and that auditors examine significant accounts within each opinion unit.
Auditors also noted an atypical, high-value correction this year: a $5,600,000,000 correction related to the accounting for the tax kicker. Bergman said the Department of Administrative Services received clarified guidance from the Governmental Accounting Standards Board on how to report the tax kicker. "Essentially, the correction was to change the period in which the kicker is recognized in the financial statements, but it does not change the amount," he said. Because of the magnitude of the correction, auditors included an emphasis-of-matter paragraph in their independent auditors' report.
Committee members asked whether the list of audited agencies is fixed. Auditors replied the list is generally stable and driven by reported dollar amounts; it can change when large federal funding flows through agencies. When asked about the timing of proposed audit adjustments, auditors said the adjustments apply to the state fiscal year only.
The presentation was informational; the committee took no formal action.
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