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Seaman USD 345 receives clean regulatory‑basis audit; auditors note GAAP differences
Summary
An outside auditor presented an unmodified opinion on Seaman USD 345's regulatory‑basis financial statements and an unmodified single‑audit for federal awards, while noting an adverse GAAP opinion is required given the district's use of the Kansas Municipal Audit and Accounting Guide (KMAG). The board praised business office improvements.
The Seaman USD 345 Board of Education heard an independent audit presentation from Kyle of Jared Gilmore & Phillips, who said the auditors issued an unmodified opinion on the district’s regulatory‑basis financial statements and an unmodified opinion on federal awards testing but must issue an adverse opinion on GAAP financials because the district uses the Kansas Municipal Audit and Accounting Guide (KMAG) rather than GAAP.
“KMAG is a regulatory basis of accounting,” Kyle said, explaining that GAAP statements require recognition of receivables, debt and prepaids that are not included on the…
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