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Auditor issues unmodified FY24 opinion; board reviews internal control recommendations
Summary
External auditor Allen Thompson issued an unmodified opinion on Lake Lure's FY24 financial statements and recommended improvements in separation of duties, cash reconciliations, and procurement card procedures, noting these are common challenges for small municipal operations.
Auditor Allen Thompson presented the FY24 audit to the Town Board and delivered an unmodified opinion, stating the Town's financial statements are fairly presented in all material respects.
The presentation included an overview of fund-balance trends, revenue performance, and expenditure comparisons with prior fiscal periods. Thompson identified several audit findings and recommendations: enhancements to separation of duties, stronger cash reconciliation procedures, and clearer procurement card classification. He noted that these findings frequently arise in small municipal governments where staffing constraints limit segregation of responsibilities.
Board members discussed fund-balance targets and debt capacity, and staff and the auditor considered opportunities for earlier audit completion in future years. No formal votes were required on the audit report, but the Board received the report and acknowledged the recommendations.
