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BCRUA accepts FY 2023–24 audited financial statements; auditor reports no material misstatements
Summary
Weaver, the external auditor, presented the FY2023–24 audit to the Brushy Creek Regional Utility Authority and reported no material misstatements, no significant control deficiencies, and a federal single-audit triggered by a Williamson County grant; the board approved the audit.
Rebecca Darling, an external auditor with Weaver, presented required communications and key results from the audit of Brushy Creek Regional Utility Authority financial statements for the year ended Sept. 30, 2024.
Darling said the auditors issued the audited financial statements on Jan. 10 and that the audit found no material misstatements. She highlighted areas the audit emphasized, including revenue confirmation from partner cities, classification and valuation of fixed assets and construction-in-progress, and the potential for management override of controls. “We didn't have any material misstatements in any of those areas,” Darling said.
Darling noted the audit includes an emphasis-of-matter paragraph pointing out BCRUA’s economic dependency on three cities that fund the authority. She also reported that a $5,000,000 federal expenditure from Williamson County triggered a federal single-audit of those expenditures; the single-audit examined whether the grant funds were spent in accordance with the grant terms.
After the presentation, a board member moved to approve the FY 2023–24 financial audit and the board voted to approve the audit.
Darling said auditors encountered no significant difficulties, made no past-audit adjustments and had no disagreements with management. She also described the auditor’s responsibility to obtain reasonable (not absolute) assurance and to review internal controls and significant accounting estimates.
