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

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OHI O AUDI T OR OF ST AT E

KEITH FABER

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Common Audit Comme nts

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T ype s o f Audit Co mme nts Co mmo n Audit Co mme nts

Ag e nda

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• 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

GAGAS

• 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

Sing le Audit

• 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

No nc o mplia nc e

• Inte rna l c o ntro l de fic ie nc y

Re c o mme nda tio n

T e rminolog y

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Sc he dule o f F inding s Ma na g e me nt L e tte r

L e ve l of Audit Comme nts

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Sc he dule o f F inding s GAGAS a nd/ o r Sing le Audit No nc o mplia nc e Cita tio n Ma te ria l We a kne ss/ Sig nific a nt De fic ie nc y Ma na g e me nt L e tte r No nc o mplia nc e Cita tio n Co ntro l De fic ie nc y

T ype s of Audit Comme nts

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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.

F 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 Sta te me nts, a nd o the r Re q uire d Supple me nta ry Info rma tio n

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• 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

• the r funds we re use d to

me e t the ir o b lig a tio ns.

O hio Re v. Code 5705.10

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• Ce rtific a tio n o f Availa b le Re ve nue

Ohio Re v. Co de 5705.36

• Appro pria tio ns limite d b y E

stima te d Re ve nue Ohio Re v. Co de 5705.39

• (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 Ohio Re v. Co de 5705.41(B) a nd (D)

O hio Re v. Code 5705.36; 5705.39; 5704.41(B); 5705.41(D)

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• 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
• 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
• ta l a mo unt pro vide d to sub re c ipie nts

2 Code of F e de ra l Re g ula tions 200.510(b)

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• Amo unts po ste d

to the wro ng fund

Adjustme nt

• Amo unts po ste d

to the wro ng line ite m

Re c la ssific a tio n

Audit Adjustme nt/ Re c la ssific a tion/ F ina nc ia l Sta te me nt E rrors

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Do c ume nte d in Writte n F

• rm a nd

a ppro ve d b y Go ve rning Autho rity Suffic ie ntly De ta ile d Unde rsto o d b y E mplo ye e s a nd Ma na g e me nt E nfo rc e d

Polic y De fic ie nc ie s

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Dispo sa l

So ld/ Auc tio ne d/ Sa lva g e d Re mo va l fro m T ra c king

T ra c king

T a g g e d De pre c ia te d using a n a c c e pta b le me tho d

Purc ha se

Pro pe r Pro c ure me nt Pro pe r Va lua tio n

Ca pita l Asse t De fic ie nc ie s

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• Co mple te d

Mo nthly

• Co mple te d

T ime ly

T ime ly Re c o nc ilia tio ns

• Inc lude a ll

Ac c o unts

• Suffic ie ntly

Suppo rt a ll re c o nc iling ite ms

Suffic ie nt Suppo rt

• Re vie w o f

Ma na g e me nt o r Go ve rning Autho rity

Pro pe r Ove rvie w

Ca sh & Ba nk Re c onc ilia tion De fic ie nc ie s

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Ove rsig ht Re po rting

F ina nc e De pt Go ve rning Bo a rd

Payro ll Cle rk Bud g e tary Cle rk F isc al Offic e r

Ac c ura te Co mple te F ina nc ia l Sta te me nts

Individual Dutie s

Se g re g a tion of Dutie s

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88 E. Broad St. Columbus, Ohio 43215 Phone: (800) 282-0370 www.OhioAuditor.gov

Email: ContactUs@OhioAuditor.gov