Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Audit topic
No spam. Unsubscribe anytime.
Auditors issue clean opinion but list material weakness and multiple control findings
Summary
Jaramillo Accounting Group reported an unmodified opinion on Taos Municipal Schools' FY25 financial statements but identified a material weakness for unsupported journal entries, a $1,000,000 reporting variance in PED cash reconciliation, negative activity funds, unbudgeted activity and federal program deficiencies; the board agreed to regular audit-committee oversight and explore contracting an internal-audit resource.
Auditors from Jaramillo Accounting Group presented the district's June 30 financial statements and said they issued an unmodified (clean) opinion on the financial statements but reported several findings requiring corrective action. The auditor highlighted a material weakness related to a high number of journal entries lacking supporting documentation, a cash-report reconciliation difference (noting a reporting variance of roughly $1,000,000), multiple negative activity funds (17 funds), and federal-program issues including meal-count documentation and special-education payroll irregularities.
Board members pressed for timelines and accountability. The audit team said management agreed with findings and recommended that the audit committee meet monthly to review corrective actions and that the district consider an internal auditor—either an employee or a contracted specialist—to monitor remediation and provide risk assessments. The board directed administration to develop options for contracting internal-audit support and to report progress to the audit committee.
