The audit of the financial statements also examines the internal controls for financial reporting and examines the district’s largest federal programs. This year, auditors examined the child nutrition program and the special education program.
The purchasing audit was performed by Webster Rogers. It looks at whether the district complies with its purchasing rules.
How does an independent auditor rate the entities it audits?
An independent auditor offers two major types of opinions: unmodified or modified. Unmodified opinions indicate that the records were prepared in accordance with the accounting principles and laws required. Modified opinions indicate that the statements were not prepared according to accepted accounting principles and laws.
There are three sub-types of modified opinions: qualified, adverse and a disclaimer. Qualified opinions indicate that there is a misstatement in the records but not throughout them. Adverse opinions indicate that the misstatements are made throughout. Disclaimer opinions indicate that the auditor cannot access the records it needs to examine.
Financial reporting audit
Florence One Schools received an unmodified opinion for its financial reporting.
Tim Lyons of Mauldin and Jenkins presented the opinion and related report to the board at a meeting held Thursday evening.
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