Louisburg auditors issue clean opinion, cite $5.93M water/sewer correction and 12 findings

James, the presenting auditor, told the Louisburg Town Council at a special meeting that the firm—s audit of the town—s fiscal year 2022-23 financial statements resulted in a clean (unmodified) opinion and that the firm "found no fraud, no illegal acts, no abuse," while also detailing multiple material corrections and control weaknesses.

The auditor said the most significant adjustment was a $5,929,000 prior-period correction to the water and sewer fund, driven by two items: removal of an out-of-service sewer plan with an approximate book value of $2.3 million and a $3.5 million duplication error in fixed-asset listings. As a result of audit adjustments and restatements, the auditor reported the town—s total net position at roughly $8.93 million, with about $8.33 million tied up in fixed assets. On a full-accrual basis the town—s net position increased by about $798,000 for the year, split roughly $307,000 for governmental activities and $491,000 for business-type activities.

The presentation identified a package of 12…