District audit finds no material findings; auditors note one timing noncompliance

The Torrance Unified School District’s external auditors reported no material problems in the district’s 2023–24 financial audit and said state and federal compliance testing produced no material findings.

“My name is Ali Hoy from Moss Levy and Hartstein. I’m here to present the 06/30/2024 district audit,” the auditor said, summarizing the firm’s procedures and concluding remarks that led to a modified opinion on the financial statements while noting the statements “are not materially misstated” and comply with GAAP.

Auditors described a single instance of noncompliance that was a timing issue, not a material finding. The presenter said the missed deadline resulted from personnel changes and that the district has implemented a backup process to prevent a recurrence. A district administrator thanked the audit team for its work and praised staff cooperation.

Board members asked clarifying questions about the one compliance issue. An auditor explained the distinction between a timing or technical noncompliance and a significant finding: “If it was significant, then that would be a whole different level.” The board took no further formal action on the audit other than accepting the presentation.

The presentation also reviewed the firm’s state and federal compliance testing and the auditor noted no issues that rose to the level of a material finding. Board members publicly thanked staff for their cooperation during the audit process.

The board received the auditors’ report during its regular meeting and moved on to other agenda items.