Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the County Finance topic
No spam. Unsubscribe anytime.
Colleton County receives clean audit; officials note healthy liquidity and upcoming GASB changes
Summary
Mauldin & Jenkins delivered a clean opinion on Colleton County’s financial statements; auditors reported roughly $98 million in total assets and $70.5 million in liabilities (about $55.5 million long-term) and said upcoming GASB standards will be phased in across fiscal years.
Mauldin & Jenkins presented Colleton County with an unmodified (clean) opinion on its fiscal audit during the Feb. 1, 2022 Colleton County Council meeting. David Irwin, CPA, told council members the county’s government‑wide balance sheet showed roughly $98 million in total assets and about $70.5 million in total liabilities, of which approximately $55.5 million are long-term obligations.
Irwin said the audit includes informational material on new Governmental Accounting Standards Board (GASB) requirements that will take effect over different fiscal years and stressed the county will not have to adopt them all at once. "No, they are all implemented in different fiscal years...we will provide that CPE to ensure all of our clients understand what is going on so when these requirements are implemented we are in a proactive position, not a reactive position," Irwin said.
Council members thanked Irwin and county staff for the work that produced the report. The presentation included an auditor’s discussion and analysis that staff and the audit firm plan to address with training and phased implementation guidance ahead of GASB effective dates.
The audit presentation did not identify material weaknesses or qualifications in the minutes; council members praised staff and the auditing firm for seven straight years of positive results. The council did not take a formal vote on the audit during the meeting; the presentation was received as informational.
