2022-COH - DWS Financial Statements and Supplementary Information With Independent Auditor's Reports

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h v 1k N&K CPAs, Inc. ACCOUNTANTS I CONSULTANTS INDEPENDENT AUDITOR'S REPORT To the Water Board County of Hawaii, Department of Water Supply Report on the Audit of the Financial Statements Opinion 999 BISHOP STREET, SUITE 2200 HONOLULU, HAWAII 96813 T (808) 524-2255 F (808) 523-2090 We have audited the financial statements of the County of Hawaii, Department of Water Supply (Department), a component unit of the County of Hawaii, State of Hawaii, as of and for the fiscal year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the Department's basic financial statements as listed in the table of contents. In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the financial position of the Department, as of June 30, 2022, and the changes in its financial position and its cash flows for the fiscal year then ended in accordance with accounting principles generally accepted in the United States of America. Basis for Opinion We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GARS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Department, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Emphasis of Matters Adoption of New Accounting Principle As discussed in Note B to the financial statements, the Department adopted the Governmental Accounting Standards Board Statement No. 87, Leases, during the fiscal year ended June 30, 2022. Our opinion is not modified with respect to this matter. Adjustment to Prior Period Financial Statements As discussed in Note L to the financial statements, the 2021 financial statements have been restated to correct a misstatement. Our opinion is not modified with respect to this matter. 2