1 L e ve l of Audit Comme nts Sc he dule o f F inding s Ma na - PDF document

OHI O AUDI T OR OF ST AT E KEITH FABER Common Audit Comme nts E ffic ie nt • E ffe c tive • T ra nspa re nt Ag e nda T ype s o f Audit Co mmo n Audit Co mme nts Co mme nts E ffic ie nt • E ffe c tive • T ra nspa re nt 2 T e rminolog y GAGAS •Ge ne ra l Ac c e pte d Go ve rnme nt Auditing Sta nda rds •Aka : T he Ye llo w Bo o k •Co mme nts a ffe c ting the fina nc ia l sta te me nts Sing le Audit •T he Sing le Audit Ac t o f 1984 (a me nde d) – a pplic ab le to e ntitie s e xpe nding $750,000 o r mo re o f fe de ra l do lla rs a nnua lly •Co mme nts a ffe c ting fe de ra l pro g ra ms No nc o mplia nc e •Cita tio n o f a vio la tio n o f c o de , re g ula tio n, o r g uida nc e re q uire me nt Re c o mme nda tio n •Inte rna l c o ntro l de fic ie nc y E ffic ie nt • E ffe c tive • T ra nspa re nt 3 1

L e ve l of Audit Comme nts Sc he dule o f F inding s Ma na g e me nt L e tte r E ffic ie nt • E ffe c tive • T ra nspa re nt 4 T ype s of Audit Comme nts Sc he dule o f F inding s Ma na g e me nt L e tte r GAGAS a nd/ o r Sing le No nc o mplia nc e Co ntro l De fic ie nc y Audit Cita tio n Ma te ria l No nc o mplia nc e We a kne ss/ Sig nific a nt Cita tio n De fic ie nc y E ffic ie nt • E ffe c tive • T ra nspa re nt 5 E ffic ie nt • E ffe c tive • T ra nspa re nt 6 2

O hio Re v. Code 117.38 a nd 1724.05 E a c h Pub lic Offic e , o the r tha n a sta te a g e nc y, sha ll file a n a nnua l fina nc ia l re port : GAAP E ntitie s – due 150 da ys a fte r fisc a l ye a r e nd • Co mmunity Impro ve me nt Co rpo ra tio ns – due 120 da ys a fte r fisc a l ye a r • e nd Re g ula to ry, Mo difie d Ca sh, OCBOA E ntitie s – due 60 da ys a fte r fisc a l • ye a r e nd F iling must b e submitte d throug h the HINKL E Re porting link pro vide d b y AOS. iling s must c onta in: F ina nc ia l Sta te me nts, No te s to the F ina nc ia l F Sta te me nts, a nd o the r Re q uire d Supple me nta ry Info rma tio n E ffic ie nt • E ffe c tive • T ra nspa re nt 7 O hio Re v. Code 5705.10 • O hio Re v. Code § 5705.10(I) pro vide s tha t mo ne y pa id into a ny fund sha ll b e use d fo r the purpo se fo r whic h it wa s e sta b lishe d. A fund with a ne g a tive fund b a la nc e sig nifie s tha t mo nie s fro m o the r funds we re use d to me e t the ir o b lig a tio ns. E ffic ie nt • E ffe c tive • T ra nspa re nt 8 O hio Re v. Code 5705.36; 5705.39; 5704.41(B); 5705.41(D) Ohio Re v. Co de 5705.36 • Ce rtific a tio n o f Availa b le Re ve nue Ohio Re v. Co de 5705.39 • Appro pria tio ns limite d b y E stima te d Re ve nue Ohio Re v. Co de 5705.41(B) a nd (D) • (B) – E xpe nditure s must b e a ppro pria te d • (D) – E xpe nditure s must b e e nc umb e re d E ffic ie nt • E ffe c tive • T ra nspa re nt 9 3

2 Code of F e de ra l Re g ula tions 200.510(b) • Sc he dule o f E xpe nditure s o f F e de ral Awa rds (SE F A) • L ist individua l fe de ra l pro g ra ms b y a g e nc y, fo r Cluste r Pro g ra ms, pro vide the Cluste r na me a nd individua l pro g ra ms, if a pplic a b le • Mo nie s re c e ive d a s a sub re c ipie nt, list pa ss thro ug h a g e nc y a nd numb e r • T o ta l F e de ra l do lla rs e xpe nde d, to ta le d b y Pro g ra m Cluste r if a pplic a b le • T o ta l a mo unt pro vide d to sub re c ipie nts E ffic ie nt • E ffe c tive • T ra nspa re nt 10 Audit Adjustme nt/ Re c la ssific a tion/ F ina nc ia l Sta te me nt E rrors •Amo unts po ste d to the wro ng fund Adjustme nt •Amo unts po ste d to the wro ng line Re c la ssific a tio n ite m E ffic ie nt • E ffe c tive • T ra nspa re nt 11 Polic y De fic ie nc ie s Do c ume nte d in Writte n F o rm a nd Suffic ie ntly De ta ile d a ppro ve d b y Go ve rning Autho rity Unde rsto o d b y E nfo rc e d E mplo ye e s a nd Ma na g e me nt E ffic ie nt • E ffe c tive • T ra nspa re nt 12 4

Ca pita l Asse t De fic ie nc ie s Purc ha se Pro pe r Pro c ure me nt Pro pe r Va lua tio n T ra c king De pre c ia te d using a n a c c e pta b le T a g g e d me tho d Dispo sa l So ld/ Auc tio ne d/ Sa lva g e d Re mo va l fro m T ra c king E ffic ie nt • E ffe c tive • T ra nspa re nt 13 Ca sh & Ba nk Re c onc ilia tion De fic ie nc ie s Suffic ie nt Suppo rt • Co mple te d • Re vie w o f Mo nthly Ma na g e me nt o r • Inc lude a ll Go ve rning • Co mple te d Ac c o unts Autho rity T ime ly • Suffic ie ntly Suppo rt a ll re c o nc iling ite ms T ime ly Pro pe r Re c o nc ilia tio ns Ove rvie w E ffic ie nt • E ffe c tive • T ra nspa re nt 14 Se g re g a tion of Dutie s Payro ll Cle rk Ac c ura te Co mple te Bud g e tary F ina nc e Go ve rning Cle rk F ina nc ia l De pt Bo a rd Sta te me nts F isc al Offic e r Individual Dutie s Ove rsig ht Re po rting E ffic ie nt • E ffe c tive • T ra nspa re nt 15 5

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