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External auditors outline 2026 audit plan, federal single-audit due March 2027
Summary
Bill Anderson of Colin Danowski, LLP presented the district's audit plan for the fiscal year ending 06/30/2026, describing objectives, significant risk areas, and a two-phase methodology; he said the federal single audit will be completed by March 2027.
Bill Anderson, principal at Colin Danowski, LLP, presented the Connetquot Central School District's audit planning report for the year ending June 30, 2026, and described the engagement objectives and timeline. "My name is Bill Anderson. I'm a principal at Colin Danowski, and we are the external auditors, for the 06/30/2026 audit, and this is our required audit planning meeting," Anderson said.
Anderson told trustees the audit's objective is to form an opinion on whether the financial statements are fairly presented and to report on internal controls and compliance with laws, contracts and grants. He noted the district exceeds the $1,000,000 threshold for a federal single audit and that last year the single audit found no federal findings or questioned costs. "The federal single audit for 06/30/2025 was timely certified," Anderson said, adding that the district annually exceeds the single-audit threshold.
The auditors outlined common risk areas they will examine, including management override, revenue recognition (property taxes, state aid and PILOTs), reserves and capital projects. Anderson described a two-phase approach — planning and internal-control evaluation, followed by substantive testing — and said substantive work is expected to begin next week. He emphasized that an audit provides reasonable but not absolute assurance and that the management representation letter will be required before final reports are issued. "We will then present the draft financial statements and the supplementary information along with required communications to the Board of Education," he said.
Trustees asked procedural questions about the management representation letter and timing; Anderson said the letter typically is signed by the superintendent and assistant superintendent for business and that the federal single audit is due by March 2027. The presentation closed with no formal findings; the audit engagement will continue into the substantive testing phase.
