Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit Finance topic
No spam. Unsubscribe anytime.
External auditors report Graham County finances and flag IT internal-control deficiencies
Summary
Fester and Chapman PLLC presented the county audit for fiscal year ending June 30, 2024, reporting audited financial statements, a single-audit component, and a significant deficiency in IT controls that the county said it is prioritizing.
Fester and Chapman PLLC presented Graham County's audited financial statements for the fiscal year ended June 30, 2024, and discussed the single-audit review of federal programs. Ben Hur of the CPA firm summarized financial totals and identified internal-control issues related to IT.
Hur told the board the auditors completed the county's financial statement audit and the single-audit portion for major federal programs the auditors selected. He reported that auditors identified significant deficiencies in internal controls over financial reporting related to IT and noted modified opinions on certain single-audit programs selected for review. Hur summarized the audited balances: total assets and deferred outflows of approximately $133 million, capital assets of about $62 million, cash and investments around $51 million, total liabilities near $53 million (including about $19 million of pension liabilities), and net position of roughly $80 million.
On revenue and expense, Hur said the county reported approximately $58 million in total revenue (about $20 million from operating grants and contributions, $7.2 million from property taxes and $6.6 million in state-shared revenue). Total expenses were about $40 million, with public safety representing roughly 37% of expenses.
Following the presentation, board members said IT control weaknesses and cybersecurity were high priorities. A supervisor said the county is working to address the findings and hoped the current year would show improvement.
No separate action was taken; this item was a required audit presentation and discussion.
(Amounts and program identifiers are reported as presented by the county's auditor during the board meeting.)
