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Oley Valley board hears clean audit; auditors flag new GASB rules and $1.26 million Apple finance purchase
Summary
Auditors from Herbein, now part of Cherry B eckert, told the Oley Valley School District board that the 2024–25 financial statements received an unmodified (clean) opinion, highlighted a new GASB standard changing compensated-absence reporting and said a finance purchase with Apple increased both revenues and expenditures for presentation purposes.
Megan Thompson, partner on the engagement for Cherry B eckert, told the Oley Valley School District Board on Dec. 8 that the firm issued an unmodified audit opinion on the district’s 2024–25 financial statements.
"It is an unmodified opinion. That's a clean audit opinion," Thompson said, adding that the district produced statements that the auditors could rely on for a fair presentation of its finances. Roxanne McMurtry, the senior manager on the audit, walked the board through a landscape document that summarized key matters and disclosures.
The auditors said a new Governmental Accounting Standards Board standard on compensated absences changed how leave liabilities are measured and resulted in restatements to opening net…
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