Keith Faber, Auditor of State,
recently presented the Auditor of State Award to local governments for
“excellence in financial reporting and compliance with applicable laws for
fiscal year 2018.”
Only 41 of the 6,000 audited entities that received the award met the following criteria of a “clean” audit report:
- The entity files timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principals);
- The audit report does not contain any finding s for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
- The entity’s management letter contains no comments related to ethics referrals, lack of timely report submission, bank reconciliation, failure to obtain a timely Single Audit, findings for recovery less than $500, public meetings or public records.
The Auditor of State Award Certificate commends The Development Finance Authority of Summit County for effectively serving its community with excellent accounting practices.