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Authority staff: financial audit underway; state compliance review ongoing with no early findings
Summary
Staff reported that the Connecticut Paid Leave Authority's annual financial statement audit for the year ended June 30, 2026, is underway and that the Connecticut Auditors of Public Accounts’ biennial compliance audit (covering fiscal 2024–2025) is in progress; no early findings have been reported.
Dave, a staff member at the Connecticut Paid Leave Authority, told the Finance & Audit Committee on June 26 that the authority’s annual financial statement audit for the fiscal year ended June 30, 2026, is underway and will be performed on an accrual basis by the external auditor Whittley, their third year on the engagement. He said heavy fieldwork is expected in late July through September to allow presentation to the committee in October and later to the board of directors.
The staff member said the authority is converting its regular cash-basis internal reports to accrual accounting for the audit and that recent Governmental Accounting Standards Board (GASB) presentation guidance affects the management’s discussion and analysis (MD&A) format rather than the underlying numbers. "There are some new accounting pronouncements from GASB," Dave said, "but none of the numbers are going to change as a result of the pronouncements; it's mostly presentation." He added the authority is working with the auditor to comply with the new MD&A requirements.
Dave also summarized the status of the biennial compliance audit performed by the Connecticut Auditors of Public Accounts (APA), noting the APA is auditing fiscal years 2024 and 2025 together and is in an "ask and provide" phase where the APA requests documentation and the authority responds. "We are current with the information they've been asking for," he said, and staff had seen no early indications of findings; the APA report is expected by the end of the calendar year.
Why it matters: the financial statement audit validates the Authority’s reported financial position and the APA compliance audit examines whether the authority is following applicable policies, procedures and internal controls. Committee members did not raise objections after the update and the chair thanked staff for the briefing.
The committee expects to receive the audited financial statements in October and the APA compliance report when it is issued later this year.
