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Auditors give Novi Community School District unmodified opinion; flag several control and reporting issues
Summary
External auditors issued an unmodified opinion on Novi Community School District’s June 30, 2024 financial statements while noting an uncorrected $990,000 leases receivable misstatement, food-service cash-reserve noncompliance, budget overages, and capital-asset tracking weaknesses.
Jessica Rolfe, CPA and principal with audit firm Yeo & Yeo, presented the independent auditors’ report and said the district’s financial statements "present fairly, in all material respects, the respective financial position" of the Novi Community School District for the year ended June 30, 2024. The auditors issued an unmodified opinion, the highest audit opinion, meaning they found the basic financial statements comply with U.S. generally accepted accounting principles.
Rolfe and the audit report also identified internal-control and reporting matters for the Board and management to address. The auditors noted one uncorrected misstatement related to leases receivable that understates assets and deferred inflows by approximately $990,000 and described several opportunities to strengthen internal controls, including capital-asset tracking and budget monitoring. The report accompanied separate internal control and single-audit reports, which the auditors urged the Board to review for details.
