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Kernersville audit finds clean opinion but flags workers'comp accounting error requiring LGC response
Summary
External auditors gave the Town of Kernersville an unmodified opinion on its June 30, 2024 financial statements, highlighted healthy fund balances and revenue growth, and reported a material weakness tied to workers'comp internal service fund accounting that will require a response to the North Carolina Local Government Commission.
The Town of Kernersville's fiscal-year 2024 financial statements received an unmodified (clean) audit opinion, but auditors reported a material weakness in internal controls after finding prior misaccounting in the town's internal service (workers' compensation) fund that added about $324,000 to beginning net position and will require a response to the North Carolina Local Government Commission (LGC).
"The town's financial statement audit for the year ended June 30, 2024 has been completed ... As a result of our audit, we have issued a clean or unmodified opinion on the town's financial statements," said Chad Cook, director and lead auditor with Fort Vis Mazars in Greensboro, presenting the report to the Board of Aldermen.
The audit highlighted several positive financial indicators: the town's available general fund balance was roughly $10,880,000 at June 30, 2024 (an increase of about $1.5 million from the prior year), total general fund…
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