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External auditor reports no material misstatements but flags extracurricular fund; single-audit guidance delayed
Summary
MMB audit partner Chris Healy told the Kingston City School District board that its financial statements fairly present the district but that the audit includes a modified opinion on the Extra Classroom Activities Fund; final single-audit reporting awaits OMB guidance.
Chris Healy, audit partner with MMB, told the Kingston City School District Board at its Nov. 5 meeting that the firm’s audit of the district’s financial statements and its Extra Classroom Activities Fund “fairly presents” the district’s financial position in all material respects, but that auditors issued a modified opinion on the Extra Classroom Activities Fund because the completeness of cash receipts is difficult to substantiate. Healy said the audit reports were finalized Oct. 14 and filed on time.
Healy said the audit considered standard significant risks—management override of controls, revenue recognition and…
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