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Jeffersontown audit: auditors issue unmodified opinion; no control deficiencies found
Summary
City auditors told council they issued an unmodified opinion on Jeffersontown’s financial statements, found no internal control deficiencies or evidence of fraud, and proposed two immaterial uncorrected adjustments that were not posted.
Jeffersontown’s external auditors told the city council on Dec. 2 that they issued an unmodified opinion on the city’s 2024–25 financial statements and found no internal control deficiencies or indications of fraud. "We've issued an unmodified opinion on your all's financial statements," audit manager Evan Wilt said during the presentation.
Wilt, who identified himself as the engagement manager for the audit, said auditors proposed two uncorrected misstatements but judged them immaterial and therefore did not post adjustments to the financial statements. He said the city had implemented GASB 101 and GASB 102 this year and that those standards did not require changes to the reported statements. "We did not identify any material weaknesses or significant deficiencies," Wilt added, and said the auditors were not aware of fraud that would require reporting.
The audit presentation included a review of significant accounting areas such as depreciation expense, allowance for uncollectible accounts, pension liability and other post‑employment (OPEB) liabilities; auditors reported they found the city’s assumptions and estimates reasonable. Wilt also noted there were no undisclosed related‑party transactions, no significant unusual transactions outside the normal course of business, and no disagreements with management.
Council members asked whether upcoming GASB 104 changes — which address presentation and disclosures for certain capital assets — would affect large city assets such as the police department or amphitheater. Wilt said those standards would only change reporting if an asset were classified as held for sale; he said he was not aware of any plans to sell the city’s major assets.
The presentation concluded with auditors reiterating they are available to consult on implementation of future standards and that management’s representations supported the reliability of the financial statements. No formal council action was required; council members thanked the audit team for their work.
