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Omaha Public Schools board approves annual audit reports after auditors flag repeat material weaknesses
Summary
The Omaha Public Schools board on April 6 approved the district's annual audit reports after auditors issued an unmodified opinion but identified repeat material weaknesses, significant deficiencies and a $29.16 million liability increase tied to new GASB accounting rules.
OMAHA — The Omaha Public Schools Board of Education voted 7-0 on April 6 to approve the annual audit reports for Douglas County School District 1 and Educational Service Unit 19 after auditors from Eide Bailly presented findings that included repeat material weaknesses and significant deficiencies.
Jamie Fay, an audit partner with Eide Bailly, told the board the firm issued an unmodified (clean) opinion on the district's financial statements and its federal single audit, but that the report still contained several important findings. "We did have some material weakness and significant deficiencies," Fay said during her presentation, citing problems in financial-statement preparation, correction of prior-period errors and oversight…
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