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Lexington 1 audit: independent firm issues clean opinion as board hears fund-balance trends
Summary
Independent auditors issued an unmodified (clean) opinion on Lexington County School District 1's 2024 financial statements and reported no material weaknesses; auditors and the CFO also reviewed fund-balance trends, noting a June 30, 2024 ending general-fund balance of about $114.5 million and seasonal fluctuations through the fiscal year.
An independent audit firm on Tuesday issued an unmodified, or "clean," opinion on Lexington County School District 1's financial statements for the fiscal year ended June 30, 2024, and told the school board it found no material weaknesses, significant deficiencies or reportable instances of noncompliance.
"Unmodified is a fancy accounting auditing term, for a clean opinion," Tim Lyons, engagement partner for Malden and Jenkins, told the board during a presentation of the district's annual comprehensive financial report. Lyons said the audit included the district's federal major-program testing and the single audit; he said the child-nutrition cluster and…
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