Cole County auditors give unmodified opinion on 2024 financial statements; single audit notes one significant deficiency

Williams Keepers, the county's external auditing firm, told the Cole County Commission on Tuesday that it issued an unmodified ("clean") opinion on the county's 2024 financial statements and that the single-audit of federal programs produced an unmodified compliance opinion. The auditors also reported one significant deficiency related to the circuit clerk's monthly bank reconciliations being completed late.

The auditors presented the finalized 2024 audit summary during the commission's June 24 meeting. Amanda, the audit partner, said the unmodified opinion means "the financial statements of the county are presented fairly in all material respects in accordance with GAAP." Ashley, the audit manager, explained the single-audit requirement and findings.

The single audit was required because of federal grant spending during the year; the auditors said federal expenditures shown in the Schedule of Expenditures of Federal Awards total "about $10,700,000" and that spending exceeded the threshold that triggers a single audit. The audit team issued two additional reports related to the single audit and said it found no findings of noncompliance for the major federal programs tested.

Auditors noted two recently applicable Governmental Accounting Standards Board standards and one standard effective next year. Amanda said GASB 100 (accounting changes and error corrections) and GASB 101 (compensated absences measurement) affected the county this year; GASB 102 on certain risk disclosures will be effective in 2025 and auditors will work with the county next year on implementation. The audit team also prepared the financial statements for management and said management reviewed and approved them prior to issuance.

On internal control, the auditors reported no material weaknesses but did identify a significant deficiency: the circuit clerk's bank reconciliations were not completed timely. Ashley said the clerk is "quite behind" and the office is working with the Office of State Courts Administrators to address staffing and backlog; auditors recommended continuing efforts to get monthly reconciliations current.

Commissioners asked questions about the reconciliations and the auditors said they had received full cooperation from county staff. The auditors also noted a restatement to prior-year columns in management's discussion and analysis because of the implementation of a new accounting standard.

The auditors closed by thanking county staff for cooperation and said the clean opinions allow users of the financial statements to rely on the reports.

Ending: The commissioners did not take any formal action on the audit presentation at the meeting; auditors said the reports have been finalized and issued to management and will be available with the county's published financial statements.