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Auditor—inds district generally compliant under Kansas regulatory basis but flags activity/agency fund controls
Summary
District auditor reported an unmodified opinion on the Kansas regulatory basis of accounting, noted one significant deficiency relating to activity/agency fund receipts and disclosed the district—apacity to track KPERS pension exposure; management presented a corrective-action plan.
External auditors presented the 2023–24 fiscal-year audit to the Seaman USD 345 board on April 14, telling trustees the district received an unmodified opinion under the Kansas regulatory (cash) basis of accounting while the audit report also noted a significant internal-control deficiency tied to activity and agency fund receipts.
The audit team explained that the district does not prepare GAAP-based financial statements; instead, Kansas school districts follow the state—ash-basis/regulatory accounting rules. Under that regulatory basis, the auditors said the district—inancial statements were materially accurate — commonly described as an unmodified or "clean" opinion for the regulatory basis. The auditors also reviewed federal…
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