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Cartwright board accepts 2023-24 audited financial report after review of IRS penalty findings and internal-control gaps
Summary
External auditors issued an unmodified opinion on Cartwright Elementary School District’s 2023–24 financial statements but reported an internal-control deficiency tied to late IRS payroll filings and noted a proportionate ASRS asset ($~4 million) excluded as an immaterial, uncorrected misstatement. The governing board voted to accept the audit.
The Cartwright Elementary District Governing Board voted to accept the district’s annual comprehensive financial report for the year ended June 30, 2024, after a presentation by the district’s external auditor and a prolonged discussion about internal controls, tax filings and payroll oversight.
Heinfeld Meach partner Jennifer Shields told the board the firm issued an unmodified opinion on the financial statements, meaning the auditor’s report was "unmodified." Shields said the audit work included the single-audit reporting package required by federal uniform guidance and testing of federal programs, and she reported no findings of noncompliance for the federal programs tested. She also told the board the audit identified one internal-control deficiency related to delayed IRS payroll filings and associated penalties.
The auditor…
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