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Fayette County receives unmodified “clean” opinion on FY2023 audit
Summary
County auditors delivered an unmodified ("clean") opinion on Fayette County’s FY2023 financial statements, reporting no material problems with disclosures and noting audit adjustments tied to actuarial evaluations that management accepted.
Gregory Chapman, representing Nichols, Cauley & Associates, LLC, told the Board that the firm issued an unmodified “clean” opinion on Fayette County’s Fiscal Year 2023 basic financial statements after performing the audit in accordance with GAAS and Government Auditing Standards. Chapman said the audit included review of the County’s internal control structure and financial disclosures and that the firm proposed certain adjustments — largely associated with actuarial estimates — which management accepted and recorded.
County Administrator Steve Rapson commended the Finance Department for its work in producing timely reports. Chapman noted the County received the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting for its 2022 report. He added that the audit firm is independent and that no management cooperation issues arose during the audit.
Why it matters: An unmodified opinion signals the auditors found the County's financial statements to be presented fairly in accordance with GAAP, improving transparency for residents and creditors. The audit also identified actuarial-based adjustments that were addressed by management. The Board took no vote on the presentation; the audit report was provided for review and is available from the County Clerk’s office.
