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External auditors give Lynchburg an unmodified opinion, flag school financial reconciliations
Summary
Brown Edwards presented the city’s FY2024 Annual Comprehensive Financial Report and issued an unmodified (clean) audit opinion while reporting one internal control finding tied to reconciliations and audit adjustments at Lynchburg City Schools amid staff turnover; federal-award testing found no compliance findings.
Chris Banta, audit partner with Brown Edwards, presented the Lynchburg FY2024 Annual Comprehensive Financial Report at the Dec. 10 work session and reported that the firm issued an unmodified (clean) opinion on the city’s financial statements and associated footnotes.
Banta said the audit covered government funds, enterprise activities (airport, water/sewer, transit) and the schools. He described the audit phases — financial statement opinion, internal-control reporting, federal-award testing, and passenger facility charge compliance for the airport. "I'm happy to report that the city received an unmodified, unqualified opinion," Banta told council.
The…
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