Each year the State of North Carolina’s Annual Comprehensive Financial Report (ACFR) is published by the Office of the State Controller. The ACFR provides information on the State’s financial position – including revenues, expenses, financial trends, and more. The North Carolina Office of the State Auditor (OSA) is required to conduct an audit of the financial information included in the ACFR.

OSA identified six material adjustments during its audit, which have since been corrected. Adjustments related to the Department of Commerce were significant enough to result in a financial reporting finding, which will be included in the State’s upcoming Single Audit Report. Total overstatements for the Department of Commerce were $872.8 million and understatements were $262.5 million.

Upon publication of the 2025 ACFR, OSA’s audit determined the State’s financial statements for fiscal year ended June 30, 2025, are accurate and reliable. Select highlights can be found in OSA’s Report Summary.
 

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