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Lake County accepts 2024 audit; auditors report clean opinion but three material weaknesses
Summary
At a Feb. 23 special meeting the Lake County Board of County Commissioners accepted the countys 2024 audited financial statements. Auditors gave an unmodified (clean) opinion but flagged three material weaknesses, timing errors in revenue recognition, budget compliance issues and missing bank accounts, and urged stronger grant tracking and reconciliations.
Lake County commissioners voted Feb. 23 to accept the countys 2024 audited financial statements after a presentation by auditors from DMC Audit Consulting.
Dimitri Cherniak, owner of DMC Audit Consulting, told the board the firm issued an unmodified—or "clean"—opinion on the 2024 statements, meaning the auditors obtained reasonable assurance that the statements as a whole were free from material misstatement. "We have not found any fraud during this audit," Cherniak said, adding the audit follows generally accepted auditing standards and government auditing standards.
At the same time, auditors identified three material weaknesses and several compliance and control matters related to timing of revenue recognition, grant reporting and subrecipient monitoring, and certain bank accounts that were not recorded in the county accounting system. Cherniak…
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