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Audit firm reports unmodified opinions for FY22 and FY23 but flags internal-control weaknesses and late federal filings
Summary
External auditors presented fiscal-year 2022 and 2023 audits to the Rapid City Area School District 51-4 board, reporting unmodified opinions for financial statements and single-audit programs but noting material weaknesses in internal controls and late filing to the Federal Audit Clearinghouse.
Devin Pfaff, a partner at KC Petersen and Associates, told the Rapid City Area School District 51-4 board that the district's 2022 and 2023 financial statement audits received unmodified opinions, the standard audit opinion that indicates the statements fairly present the district's financial position.
Pfaff said auditors proposed multiple audit adjustments (25 in 2022; 24 in 2023) and reported two material weaknesses in both years related to internal controls over account reconciliations and preparation of the financial statements. He also said the district did not meet the federal deadline to submit the single-audit data collection form to the…
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