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Corona‑Norco Unified audit finds clean opinions but flags timing weakness in revenue recognition
Summary
Auditors presented the 2023–24 financial and Measure GG reports, reporting unmodified (clean) opinions overall while identifying a material weakness tied to timing differences in recognizing revenue and receivables and a significant deficiency on state awards compliance.
Auditors from the district’s engagement presented the Corona‑Norco Unified School District’s 2023–24 audited financial statements and the Measure GG audit, reporting unmodified (clean) opinions on the financial statements and federal awards but identifying a material weakness related to timing differences in when revenues and receivables are recognized.
"The district earned an unmodified opinion," said Bobby Patel, the audit partner presenting the report,…
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