Audit finds repeated material weaknesses; district restates 2023 balance
Auditors told the committee that the district’s FY24 audit found multiple material weaknesses (payroll, disbursements, receipts, reconciliations) and a restatement of the 06/30/2023 balance tied to income surtax recognition; staff outlined immediate fixes and training plans.
The full story
Auditors presented the FY24 financial statement, government auditing standards and single-audit results to the Iowa City Community School District finance committee, saying several material weaknesses require remediation. Sarah Bonsack, the audit partner, said the audit covers management discussion and analysis, government-wide statements, fund statements and notes, and that the audit team performed financial-statement, government-auditing-standards and federal single-audit work.
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