The City of Corbin got a clean financial bill of health Monday.
S.K. Lee CPA President Sammy Lee, who did the city’s 2024-2025 fiscal year audit, told the Corbin City Commission during its monthly meeting Monday he was issuing an unmodified opinion, which is “the best type of opinion we can issue as a CPA firm. Congratulations.”
Lee said that city staff provided him anything he needed for the purpose of the audit.
“You are very solid. You are very liquid. Invoices are being accounted for accurately this time around,” Lee said.
When Lee reviewed the books for The Corbin Arena last fiscal year, he found some issues. For instance, a review of 70 invoices paid by check and another 25 paid by credit card showed 25 of the 95 total transactions had inadequate invoice support during the 2023-2024 fiscal year.
Regarding cash transactions during the 2023-2024 fiscal year, Lee noted performers will often have special needs and cash gets handed to employees to run out and get things for them. Last year, he added in many circumstances, Arena staff was probably just using cash from one event to pay expenses for the next.
Since the 2023-2024 fiscal year, those procedures have changed.
Regarding compliance and internal controls, there were no findings for the 2024-2025 fiscal year.
“The good news is we don’t have any findings. You folks have eradicated all the findings that have been out there the last couple of years. You have done a great job and turned it around, mainly on The Arena side,” Lee added.
The city commission approved the audit Monday.
