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Auditor gives district an unmodified financial opinion but flags material weakness and independent‑study compliance issues
Summary
External auditors issued an unmodified opinion on the district’s financial statements but reported a material weakness in controls tied to significant audit adjustments (including a $38.3 million solar purchase accounting entry) and a state compliance finding on independent‑study contracts; the district is revising closing procedures and updating agreements.
An external audit presented to the Yucaipa‑Calimesa Joint Unified School District board found the district’s financial statements to be fairly stated but identified a material weakness in internal controls over financial reporting and a state compliance finding related to independent‑study contracts.
Joe Tarantino, senior manager with the auditors, told the board the audit resulted in an unmodified opinion on the financial statements and federal and state awards — the highest level of assurance — but required significant adjusting entries to make the audited totals materially correct. Tarantino cited a $38.3 million accounting entry related to a solar…
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