Independent auditors issue unmodified FY25 opinion for Georgetown County

At the Jan. 27 meeting, Allen Thompson of Thompson Price, Scott Adams & Co. presented the county's FY25 audit and told council the firm issued an unmodified opinion on the financial statements and found no reportable audit findings.

Thompson explained the firm's responsibilities and noted two standard significant-risk areas tested in every audit — management override of controls and improper revenue recognition — and said the firm found no issues in those areas for FY25. He also reviewed summary figures from the audit presentation, including total general fund balances, fund-balance composition, collection percentage (99.58%) and assessed value, and said the financial-statement disclosures were neutral and consistent.

Thompson said the firm noted two small items that had no bottom-line impact: data-entry issues related to budget approvals in the financial system and a prior-period restatement tied to lease-accounting standards. "We issued an unmodified report, which is a quote unquote clean report," Thompson told council, and he offered to answer follow-up questions by phone or at the office.

Councilors asked for clarification on unassigned (available) fund balance and fiduciary-account pages; Thompson indicated the available fund-balance calculations were shown in the presentation and offered to include additional breakout detail in future presentations if council requested it.