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Auburn Washburn accepts FY2024 financial audit; auditors report unmodified opinions and no findings
Summary
External auditors from BT and Co presented an unmodified audit opinion on the district's fiscal year 2024 financial statements prepared on a regulatory/KMAG basis and an unmodified single-audit opinion for federal programs; the auditors reported no findings and two minor audit adjustments. The board approved the audit 6-0.
External auditors from BT and Co reported to the Auburn Washburn Board that they issued unmodified opinions on the district's fiscal year 2024 financial statements (on a KMAG/regulatory basis) and on the major federal program selected for single-audit testing. The auditors reported no findings for major programs or the financial statements and recorded two minor adjustments.
Lede: Cynthia Darding, partner in charge of the FY2024 audit for BT and Co, told the board the audit gave unmodified opinions on both the regulatory financial statements and the district's single-audit major program; no audit findings were reported.
Nut graf: The single-audit threshold was triggered because the district expended more than $750,000 in federal awards during the fiscal year. Auditors noted a disclosure related to the district's KPERS (pension) liability is presented in the notes but not recorded on the regulatory-basis financial statements. Two minor audit adjustments were recorded: a standard held-cash payroll check entry and a small roll-forward equity adjustment.
Key points from the auditor presentation
- Audit standards and scope: The audit was conducted in accordance with generally accepted auditing standards and covered financial statements on a KMAG/regulatory basis and a federal single audit because of the federal expenditure threshold. - Opinions and findings: Unmodified opinion on the financial statements; unmodified opinion on the major federal program; no findings reported. - Adjustments and disclosures: Two minor adjustments were recorded (held cash for payroll checks and a roll-forward equity entry); the KPERS liability appears as a note disclosure under the regulatory basis and is not recorded as a liability on the financial statements. - Independence and communications: The auditors said there were no disagreements with management, no significant difficulties, and the independence requirements were satisfied.
Board action
The board moved to approve the FY2024 financial audit as presented; the motion passed 6-0.
Ending: The acceptance completes the board's annual review of financial statements and positions the business office to proceed with year-end closings and financial reporting.
