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Coats audit shows unmodified opinion; segregation-of-duties noted as recurring weakness
Summary
Auditors issued an unmodified opinion on the Town of Coats' FY2024–25 financial statements, with no single-audit compliance findings; auditors repeated a segregation-of-duties weakness tied to limited finance staff and noted one LGC comment the town will respond to at the February meeting.
Lee Grissom of S. Preston Douglas & Associates presented the Town of Coats' fiscal year 2024–25 audit and told the Board that "an unmodified opinion was issued," the highest level of assurance for financial statements.
Grissom said the auditors found no internal control findings except for the recurring segregation-of-duties weakness attributable to the small size of the finance office. He told the Board a single audit was required because of American Rescue Plan Act (ARPA) grant funds and that the single-audit compliance field work produced no findings. Finance Director Connie Lassiter confirmed the Local Government Commission (LGC) made one comment—previously raised in prior years—related to the capital asset condition ratio and that she would prepare a response for the Board to sign at the February meeting.
The auditors provided graphical trend information in the 69-page financial report and credited the finance staff for timely preparation. The presentation and the report were accepted as presented; no formal vote was required beyond acceptance of the consent agenda that included the audit invoice.
