Lakeville audit: clean opinion expected as single-audit awaits federal compliance supplement; compensated-absences liability rises

CLA auditors presented preliminary results and told the Lakeville Area School Board that the district's financial statements will receive "an unmodified or a clean audit opinion," while the single audit of federal grants remains pending because the federal compliance supplement has not been finalized.

"That is the process we're going through right now," said Chris Konopek, principal with Clifton Larson, explaining that the Office of Management and Budget issues the compliance supplement auditors use to complete single audits. "We do have a draft supplement that we're working off of. But we are not able to actually issue until there's a final version out there."

Auditors said they had completed much of their work using the draft supplement and that state filing deadlines would still be met: if the federal supplement is not issued before calendar-year end, the district's financial statements would be issued first and the…