Palmdale Aerospace Academy board approves 2023–24 audit after staff outlines accounting adjustments and documentation gaps

At a special meeting, the Palmdale Aerospace Academy District Board of Directors voted to approve the academy's annual audit report for fiscal year 2023'24 after the district's business office reviewed the auditors' findings and the school's corrective plan.

The business office speaker cited an unmodified auditor opinion, accounting-treatment changes that produced an $8.8 million prior-period restatement and showed $9.9 million as deferred revenue on the balance sheet, and a second finding tied to incomplete documentation for free-and-reduced meal (unduplicated pupil count) eligibility that currently accounts for $1.1 million in questioned costs. "In our opinion, the financial statements referred to above present fairly," the business office speaker read from the independent auditors' report.

The nut graf: the audit approval completes the legally required filing and begins a process to correct accounting presentations and to supply additional documentation to auditors that could change the reported questioned costs. The board was told the auditors will complete a consolidated audit for affiliated entities by May 25 and that the finalized 2023'24 report will be sent to the authorizing agency after board approval.

Business office summary and key…