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External auditors issue clean opinion on Miami-Dade Schools' FY2025 financials; uncorrected prior-year item noted
Summary
RSM presented an unmodified (clean) opinion on the district's FY2025 annual comprehensive financial report, noting adoption of GASB 101 required a restatement and auditors reported an uncorrected prior-year misstatement tied to a charter-school settlement that has since been recorded in the current year.
Brett Friedman, partner with RSM, presented the district's annual comprehensive financial report for the fiscal year ended June 30, 2025, and told the Audit and Budget Advisory Committee that RSM issued unmodified (clean) opinions on governmental activities and each major fund.
Friedman said the audit was conducted in accordance with generally accepted auditing standards and government auditing standards. He highlighted that implementation of GASB Statement 101 changed accounting for compensated absences and led to a prior-period restatement; he said that restatement reflects application of the new standard rather than an error by management.
On audit adjustments he said there were no material audit adjustments, but the firm reported an uncorrected misstatement that originated in the prior year. When asked by committee members whether that item related to charter schools, auditor Anil Harris confirmed the misstatement involved properly crediting amounts due to charter schools tied to a prior settlement; Harris said the liability and expense were recorded in the current year financial statements and the adjustment will not recur going forward.
RSM also reported no significant deficiencies or material weaknesses in internal control identified during the engagement and said the audit was completed on time consistent with the previously communicated plan.
The committee accepted the audit as an action item and approved the related materials by voice vote.
Quote: "We issued unmodified opinions on the governmental activities, each major fund, and the aggregate remaining fund information," RSM partner Brett Friedman told the committee.
Next steps: the audit materials will remain part of the district's financial record; committee members asked auditors and staff for continued visibility on accounting estimates and on any follow-up items related to charter-school settlements.
