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Borough accepts FY2024 audit after BDO flags procurement gap and single‑signature check
Summary
At a Feb. 19 special meeting, the Bristol Bay Borough Assembly accepted the FY2024 audit from BDO. The auditor issued an unmodified opinion but cited two compliance issues — an untimely FAFATA filing and missing procurement documentation on a $750,000 school roof project — and a material‑weakness control finding tied to a $609,000 check signed by one person.
The Bristol Bay Borough Assembly voted on Feb. 19 to accept the borough's fiscal year 2024 audit after a presentation by BDO's assurance practice leader. The auditor said BDO issued an unmodified (clean) opinion on the borough's financial statements but reported a material weakness and two compliance findings that the borough must address.
BDO told the assembly the audit was completed more quickly than in prior years and that, while the firm issued a clean opinion, it proposed a set of adjustments and identified internal-control deficiencies. "We did issue an unmodified opinion on the financial statements," the BDO assurance practice leader said, noting the audit provides "reasonable assurance, not absolute assurance." The auditor added that several corrected misstatements were posted, including adjustments for landfill prior-period balances, tax receivable allowances and removal of…
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