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Auditors ask Fabens ISD board to table single-audit while federal guidance is finalized
Summary
Singleton Clark reported an unmodified opinion on financial statements but advised tabling single-audit approval because the OMB compliance supplement is not finalized; presentation also noted a material weakness in credit-card purchasing and a newly recognized compensated-absences liability of about $500,000.
At the Nov. 19 meeting, Nathan White of Singleton Clark presented the district's fiscal-year audit and described an unusual procedural constraint: the federal compliance supplement that guides single-audit procedures for districts expending more than $750,000 in federal awards has not been finalized.
"The compliance supplement...is not finalized yet," White said, adding that because the supplement…
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