Independent audit finds 'clean' opinion for Centennial School District, cites minor recordkeeping improvements
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
External auditors reported an unmodified (clean) opinion on Centennial School District finances and found no reportable weaknesses; they recommended process improvements such as timelier bank reconciliations and consistent student‑activity recordkeeping.
Brian Thompson, the audit team lead for the district's external auditors, told the Centennial School District board on Feb. 25 that the auditors issued an unmodified, or "clean," opinion on the district's financial statements.
"I'm happy to report this as an unmodified opinion," Thompson said, adding that the audit did not identify exceptions that would require a management letter. He told directors the audit also found no noncompliance issues related to federal awards.
The auditors noted a few opportunities for improved internal controls and recordkeeping. Thompson said schools could reconcile bank statements more promptly and that student activity (ASB) accounts are maintained using different software across campuses — QuickBooks or InTouch at the high school — which creates opportunities for greater consistency in documentation.
The audit presentation also flagged upcoming Governmental Accounting Standards Board guidance that the district will need to address in future fiscal reporting, including updated disclosure requirements related to accrued leave and capital assets.
The board asked whether the new accounting items were state-mandated; auditors clarified the standards are issued nationally by the GASB and become applicable as specified in the standards. Director Sotherton and district business staff agreed to work with auditors to plan for the accounting changes in the next fiscal year.
The audit team closed by thanking district staff and said it will provide the final slides and the board letter under the board book materials.
The board did not take further action on the audit at the meeting; Thompson invited questions and staff indicated they will continue working with the auditors on implementation of recommended improvements.