Auditor gives Collierville Schools a clean opinion; no internal-control findings reported

An external audit of the Collierville School District presented Feb. 25 concluded with a clean (unmodified) opinion and no findings for internal-control weaknesses, the district's auditor told the School Board.

Mark Nicholas, the presenting auditor, said the firm conducted audits under AICPA standards and governmental auditing standards and issued a separate report on internal controls. The auditors also performed testing under the Uniform Guidance for federal grants and reported no findings related to grant compliance.

Nicholas highlighted several financial items in his presentation. He said the district's other-post-employment-benefit (OPEB) liability was about $27,000,000 and described that number as an estimate driven by assumptions such as retirement timing and discount rates. He said changes in those assumptions could alter the liability. He also reported the district's general fund balance increased during the year and called the audit "a clean opinion, an unmodified opinion," saying the financial statements are "fairly stated in all material respects."

Nicholas thanked district staff and said there were no uncorrected misstatements or disagreements with management. Board members and the superintendent praised the finance team for the report and for handling the district's substantial financial flows.

The audit presentation noted the district's treatment of pension and benefit estimates and described the presence of significant estimates in the financial statements; auditors typically flag such estimates as areas that require judgment. The board did not receive any control findings and no further corrective actions were recorded in the meeting minutes.

The board accepted the auditor's presentation and expressed appreciation for the finance department's work.