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LAFCO audit returns unmodified opinion; GASB 101 raises accrued time-off liability
Summary
An independent audit of the Riverside LAFCO for the year ending June 30, 2025, found an unmodified (clean) opinion but recorded a higher compensated-absences liability after the agency implemented GASB 101, prompting modest reserve and budgeting adjustments.
Joyce Amancua, a CPA and manager with Davis Pharr, told the Riverside Local Agency Formation Commission on Feb. 26 that her firm's audit of the fiscal year ending June 30, 2025, resulted in an unmodified opinion — the highest standard in financial reporting. "Our opinion was unmodified," Amancua said. "Everything in the financial statements is fairly stated in all material respects."
The audit included an emphasis of matter for the implementation of GASB 101, a new accounting standard for compensated absences. Amancua said the change altered…
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