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Independent auditors give Cobb County School District an unmodified opinion for FY2025
Summary
Malden and Jenkins presented an unmodified (clean) audit opinion for the fiscal year ended June 30, 2025, reporting no material weaknesses and an audited ending unassigned fund balance of $186,464,000 (1.31 months reserve); auditors flagged GASB pension liabilities and a pending federal compliance supplement delayed by the government shutdown.
Christopher McKellar, a partner at Malden and Jenkins, told the Cobb County School District board on Jan. 22 that his firm had issued an unmodified, or "clean," opinion on the district's financial statements for the fiscal year ended June 30, 2025. "We did provide an unmodified or clean opinion, which means that the financial statements present fairly in all material respects," McKellar said.
The auditors reported an audited ending unassigned fund balance of $186,464,000, which the firm said provides the district with roughly 1.31 months of expenditure reserve. McKellar and district finance staff emphasized that most headline deficits shown on unrestricted net position are driven by implementation of GASB statements addressing pension and other postemployment liabilities; without those GASB 68 and 75 liabilities, the auditors said the district would show a positive unrestricted net position.
David Baker, the district's chief financial officer, summarized the monthly financial information presented to the board and noted the report reflects activity through November 2025 and uses the state's recommended reporting format. The auditors told the board they found no significant deficiencies or material weaknesses in internal control over financial reporting for the period audited.
McKellar also reviewed government-wide totals and GASB-related changes, and pointed to forthcoming GASB pronouncements that will adjust presentation and schedules in the annual comprehensive financial report. He said the federal single-audit compliance supplement had been delayed by the government shutdown but was expected to be finalized within about a week and included in the auditors' single-audit report once completed.
Board members asked about management recommendations; McKellar said the items exist and will be included in a separate management letter for the board's review. The audit presentation and related comprehensive financial documents were provided to board members at the work session, and the auditors made themselves available for follow-up questions.
