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External auditor briefs FACT on single-audit timing, GASB change for compensated absences and PERA liabilities
Summary
CLA outlined the fiscal 2025 audit scope, flagged a delayed OMB compliance supplement that may affect single-audit timing, explained a new GASB standard on compensated absences, and summarized expected PERA-related liabilities.
John Paul LeChervalli of CliftonLarsonAllen (CLA), the external auditor, presented the audit kickoff for Adams 12 Five Star Schools’ fiscal 2025 annual comprehensive financial report and single audit, describing scope, timing risks and several accounting changes the committee should expect.
The nut graf: CLA told the Finance and Audit Committee the single audit covers federal awards (including the nutrition cluster and the Refugee and Entrant Assistance Program this year), that a delayed Office of Management and Budget (OMB) compliance supplement could delay issuance of the single audit, and that a new GASB standard will change how compensated absences are reported on the long-term financial statements.
LeChervalli said the audit includes the audited financial statements and the single audit over federal awards; the single audit typically rotates significant programs and for fiscal 2025…
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