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Town accepts FY25 audit with clean opinions, auditor flags small compensated-absence adjustment
Summary
The Southern Pines Town Council accepted the FY25 audit presented by Malden and Jenkins, which issued unmodified opinions on financial statements and grant testing. Auditors noted one immaterial $65,000 understatement in compensated-absence liability and offered management recommendations; council adopted the audit by motion.
Leanne Bogasala, an audit partner at Malden and Jenkins, presented the town's FY25 audit during the Jan. 20 work session and told the council the firm issued unmodified (clean) opinions on the basic financial statements, the government-auditing "Yellow Book" opinion and required single-audit opinions for federal and state grant programs tested, including…
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