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Auditors tell Fairbanks North Star Borough committee FY25 audit is in progress; drafts expected after field work
Summary
Altman Rogers & Company told the Fairbanks North Star Borough audit committee the borough's FY25 field work was scheduled but not yet completed, school-district and IGU field work are done, and draft financials are pending; the committee adjourned at 4:07 p.m.
At 4:00 p.m., the Fairbanks North Star Borough audit committee received a mid-audit status report from Altman Rogers & Company on the borough's fiscal year 2025 audit. The auditor said field work for the borough had been scheduled but not completed and that the firm was still waiting on draft financial statements needed to proceed with final reviews.
The auditor, representing Altman Rogers & Company, told the committee, "We're still in progress. The field work for the borough was scheduled for the weeks 09/29 through the week of 10/06," and said the firm had completed field work for the school district and the IGU. The auditor added staff had prepared a pending-item list and was "working through" outstanding items with management.
The timing of drafts was a key focus. Committee members asked when the firm expected to receive and review draft financials. The auditor said borough drafts typically arrive a few weeks after field work and that the school-district reports are due Nov. 15. "From the moment [drafts] are given to me, it's probably, I'd like at least two weeks to be able to turn those around," the auditor said.
An administration representative said the administration scheduled field visits at the end of the month into the first week of the next month and that "mid, late, October" would likely be a reasonable timeline for drafts to be available. The auditor confirmed the IGU draft had been provided and was awaiting the auditor's review.
Committee members clarified the review process: management provides initial drafts to the auditors, the auditors review and return comments to management, and management can respond before final reports are issued. The auditor said it is within the committee's rights to request to see drafts but that committees do not have to approve drafts before finalization.
No communications outside normal channels were reported. The presiding officer closed the discussion and adjourned the meeting at 4:07 p.m.
The audit committee did not take any formal votes during the session.
