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Draft FY2025 audit shows clean opinion, highlights compensated-absence accounting change
Summary
An independent auditor presented a draft FY2025 audit for Bath County Schools reporting a clean opinion but an 'emphasis of matter' for a new compensated-absences accounting standard that increased accruals by $762,911; management and staff discussed fund balances, construction spending and steps needed to finalize the report after federal supplement approval.
An independent auditor presented the draft Bath County Schools fiscal year 2025 audited financial statements at the Oct. 27 board meeting, saying the reports are “fairly presented in all material respects” but remain drafts until the federal OMB compliance supplement for 2025 is finalized. The auditor said the federal supplement is awaiting approval because of a government shutdown, and the audit cannot be finalized until the supplement is approved and dated.
The auditor told the board the financial statements include a new GASB accounting pronouncement that expanded accruals for compensated absences to all…
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