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Auditors report no material weaknesses; GASB change balloons reported accumulated‑absence liability
Summary
Independent auditors told the Marlboro Township Board the district’s FY24–25 audit found no internal control issues or material weaknesses but included an "emphasis of matter" tied to a new GASB standard that increases the reported accumulated‑absence liability on the financial statements from the previously noted ~$2.5M footnote to about $20M on the face of the statements; auditors said this is a reporting change, not a cash obligation.
The Marlboro Township Board of Education heard the district’s FY24–25 independent audit on Tuesday, when external auditor Robert Mulligan told the board the review found "no internal control issues, no significant deficiencies, material weaknesses to report." Mulligan presented the audit and fielded questions from board members.
The audit includes an "emphasis of matter" relating to a new Governmental Accounting Standards Board (GASB) requirement that changes how accumulated employee absences are shown on the face of the financial statements. Mulligan said the change increases the reported liability because the district must now…
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