Draft audits for Central CUSD 301 and Northern Kane carry unmodified opinions; federal grant testing pending
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Summary
External auditors presented draft audit reports for Central CUSD 301 and the Northern Kane regional vocational system, reporting unmodified opinion letters and no material internal-control deficiencies; finalization is pending federal grant documentation for single-audit testing.
External auditors told the Central CUSD 301 Board that both the district audit and the Northern Kane regional vocational audit carry unmodified opinion letters, indicating the auditors found the financial statements free of material misstatement under Illinois accounting standards.
Sheridan Jurgensen of CGM said the Central audit remains in draft because auditors are awaiting required compliance documentation related to federal grants; once that testing is complete the single-audit portion will be finalized. "It currently is still in draft form. We are waiting for some compliance information from the federal government in order to finish the testing for the federal grants that you receive," Jurgensen said.
Jurgensen said auditors found no deficiencies in internal controls in the areas reviewed (cash receipts, accounts payable, payroll, year-end and month-end reporting) and reported no uncorrected misstatements. She cited fund-level detail and noted total income for the reporting year in the draft financials.
The auditor also reported similar favorable results for Northern Kane: an unmodified opinion and no internal-control deficiencies. Auditors said adjustments that were required during fieldwork were made and there were no uncorrected misstatements.
The reports remain subject to completion of single-audit testing and will be returned as final when the auditors receive the outstanding federal documentation.