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Auditors outline FY25 work plan, flag capital assets and accounting-system update; explain GASB 101 impact
Summary
Brown Edwards presented Albemarle County's fiscal year 2025 audit planning letter and work plan, identifying three audit risks (management override, capital assets, and an accounting-system update), a tentative on-site schedule, and the effect of GASB 101 (compensated absences) on government-wide statements.
Megan Arkenbraith, partner at Brown Edwards, told the Albemarle County Audit Committee on May 19 that the firm had circulated a required planning-communication letter and would focus FY25 audit work on three main risks: management override, capital assets, and procedures related to the county's recent accounting-system update.
The planning communication letter "is pretty standard" and identifies auditor and management responsibilities, Arkenbraith said. "It does have a list of questions related to fraud. This is not because we have any concerns about fraud. It's because we are required to open the doors, and open that pathway of communication with the school board and the board of supervisors," she said.
The auditors said the three identified risks will receive targeted procedures. Management override is treated as an inherent, standing risk. Capital assets remain a…
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