Finding 564258 (2024-001)

Condition: The District audit resulted in a material restatement to fund balance/net position that was detected by auditing procedures. Criteria: The District is required to follow generally accepted accounting principles and a reporting fund structure as promulgated by the Governmental Accounting Standards Board and the State of Wisconsin Department of Public Instruction. Audit procedures detected adjustments necessary in order for the District’s financial statements to be aligned with these standards. Cause: The District audit resulted in a material restatement to net position that was detected by auditing procedures to adjust the balance of compensated absences previously reported by the District. Effect: The District’s financial statements were adjusted materially as a result of audit procedures. Recommendation: It is recommended that the District continue to monitor and update its financial data based on changes to standards issued by agencies and organizations governing the District and its financial procedures.