Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
External auditors issue unmodified opinion as Apex implements GASB 101 restatement
Summary
External auditors presented an unmodified opinion on Apex's fiscal 2025 financial statements, noting a prior-period restatement tied to GASB 101 and two minor compliance observations; council received the report and staff will publish the audited statements.
The Town of Apex received its fiscal 2025 audited financial statements on May 28, 2026, and the external auditors issued an unmodified opinion on the town's financial statements and on its single-audit federal and state programs. Leanne Waters, the audit partner, told the council the firm approved issuance of the reports that evening: "I just approved issuance of the reports at about 5:45 tonight." She said auditors found no material weaknesses in internal control but noted two immaterial items: a technical noncompliance with a North Carolina statute related to withholding compensation from certain elected officials and instances where procurement-card policies were not consistently followed.
The auditors also reported the town implemented GASB Statement No. 101 (compensated absences) in 2025, which required restating the June 30, 2024 beginning balances. "As a result of that, the prior year balance was restated a total of $321,000," Waters said. The audit team additionally identified an electric-fund correction of $108,379 that management recorded. Waters said neither restatement modified the audit opinion.
Finance Director John Griffin briefed the council on high-level financials that accompany the audit: the town's statement of net position totals approximately $1.3 billion, most of it invested in capital assets; general-fund balances increased about $9 million, while governmental fund balances total about $148.7 million; assessed valuation rose sharply after Wake County revaluation. Griffin said the town collected 99.77% of its property-tax levy and noted overall long-term debt remains well under town policy thresholds.
The auditors described other notable items in their report, including no identified indicators of fraud or going-concern issues, and highlighted new accounting standards the town will need to implement in coming years. Town staff said the final audit documents will be posted once the administrative uploads to required federal/state systems are completed.
