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Auditors issue clean opinion on HCDA FY2025 statements; new accounting standard triggers restatement
Summary
External auditors reported a clean opinion on HCDA's fiscal year ended June 30, 2025 financial statements, found no material internal-control weaknesses, and said adoption of a new compensated-absences accounting standard required a beginning net position adjustment of about $435,000 and several year-end audit adjustments.
External auditors told the Hawaiʻi Community Development Authority on Jan. 7 that HCDA's fiscal year 2025 financial statements were prepared in accordance with applicable standards and received a clean opinion.
Ralph Kanetoku and Guy Nishihiro, auditors under contract with the state office of the auditor (KKDLY LLC), said they issued an independent auditor's report and found no material weaknesses in HCDA's internal control over financial reporting and no reportable instances of noncompliance under government auditing standards. "We…
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