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Kootenai County accepts FY2024 audited financial statements; auditors note lease and software accounting deficiencies
Summary
The Kootenai County Board accepted the FY2024 audited financial statements after auditors from Eide Bailly reported the county's financials "present fairly" but identified a significant deficiency related to lease and software capitalization accounting; no federal compliance findings were reported and ARPA was the major federal program tested.
Kootenai County commissioners voted unanimously April 8 to accept the county's fiscal year 2024 audited financial statements and the external audit after auditors described the statements as presenting fairly in all material respects and disclosed a significant deficiency in internal controls related to lease and certain software accounting.
The audit partner, Jodi Doherty of Eide Bailly, told commissioners the independent auditor's report states the county's financial statements "present fairly in all material respects" as of Sept. 30, 2024, while noting that two component units ' the North Idaho Fair and Rodeo and the Kootenai County Emergency Medical Services System ' were audited separately. Doherty also said auditors identified one significant deficiency involving incorrect lease calculations and an unrecorded subscription-based IT arrangement.
The finding did not rise to the level of a material weakness, Doherty said, and auditors reported no findings for federal program compliance. Auditors tested federal programs with a focus on ARPA funding as the major…
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