Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Auditors issue clean FY2025 opinion; timing and reconciliation weaknesses noted
Summary
Martin Starnes and Associates reported an unmodified (clean) opinion on Transylvania County’s FY2025 audit, noting revenue growth of $3.6 million and increased expenditures; auditors flagged two repeat material weaknesses related to audit timing and monthly reconciliations of the general ledger.
Martin Starnes and Associates presented the FY2025 audit to the Transylvania County Board on June 22, 2026. Kelly Gooderham told the Board the auditors provided a clean, unmodified opinion, meaning they found no material misstatements in the County’s financial statements.
Gooderham reported General Fund revenues increased $3.6 million (about 5%) and expenditures increased $5.5 million (about 8.4%). The County’s available General Fund balance was reported as $39.3 million, with unassigned fund balance of $15.4 million (approximately 19.4% of expenditures). The auditors identified no financial performance indicators of concern.
The audit did include two repeat material weaknesses tied to timing: late completion of the audit in the current cycle and the general ledger not being reconciled to subsidiary ledgers monthly due to audit timing. Gooderham characterized these findings as largely timing‑related and noted prior‑year escheat issues had been resolved. Commissioners and staff discussed ongoing GASB standards changes that are affecting auditing practice and stressed the importance of retaining finance personnel to maintain institutional knowledge.
Finance Director Meagan O’Neal and Commissioners thanked Martin Starnes for their work and said staff will begin the FY2026 audit soon with a target completion date of December 31, 2026.
