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Auditors outline FY26 financial-statement audit and likely federal 'single audit'
Summary
Grant Davis of Mullen Jenkins told Horry County council the FY26 financial statement audit will follow governmental and AICPA standards, anticipates a federal single audit because federal spending likely exceeded $1,000,000, and set a three-phase timeline with fieldwork in September–October and results presented in December.
Grant Davis, partner with Mullen Jenkins, briefed Horry County council on the scope and schedule of the county's financial-statement audit for the year ended 06/30/2026. He said the audit will be performed under both generally accepted auditing standards and government auditing standards and identified the risk of management override of internal controls as a pervasive audit risk. "If we identify any significant risks ... then we're required to communicate that to you all," Davis told the council.
Davis explained the audit will include a federal compliance component (a "single audit") if federal expenditures exceed the federal threshold. He said, "when an entity ultimately receives and expends over $1,000,000 in federal money in a given fiscal year, it triggers this compliance audit." The firm has completed interim work in May, plans field work in mid-to-late September through October, and expects to return to present final results in December. He invited council members to suggest areas for expanded scope if there are specific concerns.
The presentation was procedural; committee members did not ask further questions during the meeting. The council did not take formal action beyond receiving the report. The auditors will report any significant risks or material findings when their review is complete.
