Delayed Windsor Locks Audit Flags 2 Material Weaknesses

WINDSOR LOCKS, CT — An audit of Windsor Locks’ finances found two material weaknesses involving the town’s delayed year-end closing process and the handling of restricted money in its General Fund.

The findings are included in a draft audit presentation delivered to the Board of Finance on Wednesday. The audit covers the fiscal year that ended June 30, 2024.

Auditors identified one weakness involving delays in the town’s year-end closing and financial reporting. They also reported that a material error had to be corrected in the way restricted resources were listed within the General Fund balance.

A material weakness is a problem serious enough that a significant error in the town’s financial statements may not be prevented or discovered quickly.

The presentation said delays in the town’s readiness for the audit forced the accounting firm to repeat parts of its planning and risk assessment work.

Despite those findings, auditors expect to issue a clean, or unmodified, opinion. That means the financial statements are expected to fairly present the town’s finances under generally accepted accounting rules.

The clean opinion does not erase the internal-control findings, which will be included in a separate report prepared under government auditing standards.

Auditors reported finding no fraud, illegal acts, material uncertainties or other instances of noncompliance. They also reported no significant or unusual transactions and no disagreements with town management.

The audit is not yet final. Remaining work includes a final quality-control review, updated letters from attorneys representing the town and Board of Education, and a signed representation letter from town management.

The fiscal 2023-24 audit has been delayed well beyond the end of the financial year it covers. Town officials have discussed the unfinished audit during several finance meetings over the past year.

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