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Audit finds material weakness, coding and reconciliation issues in Gadsden school finances; district says cleanup underway
Summary
The district’s 2023–24 audit found one material weakness tied to reporting and multiple significant deficiencies, including miscoding of transactions, late AFR submission risk, bank-reconciliation backlogs and federal compliance test findings; staff say they have engaged a contractor and new hires to address problems.
Gadsden County School District finance staff reviewed a recently completed audit covering the year ended June 30, 2024 and said they are working through one material weakness and several significant deficiencies that auditors identified.
The audit’s single material weakness concerned reporting deficiencies, chiefly late submission of the Annual Financial Report (AFR). District staff said the AFR for 2023–24 is substantially improved compared with prior years and they are aiming to complete it by the end of the month after requesting an extension from the state.
Significant deficiencies cited by auditors…
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