BVU Authority’s new audit was unveiled Thursday, showing stabilizing finances for the company — along with some expected negative findings that BVU is already working on addressing.
The authority board heard a lengthy presentation about the audit by Chad Kisner, who led a five-member audit team that included four CPAs from the firm Blackburn, Childers & Steagall of Johnson City.
The audit features a “qualified” opinion, meaning the auditors were unable to confirm the precise value of BVU OptiNet net capital assets assigned to the Cumberland Plateau Co. A more accurate valuation would have required documents that dated back to 2004, but CPC’s auditing firm didn’t retain records beyond five years, Kisner said.
