1 F ina nc ia l Re porting F ra me works AOS Re g ulato ry - PDF document

OHI O AUDI T OR OF ST AT E KEITH FABER Unde rsta nding Your F ina nc ia l Audit Re sults E ffic ie nt • E ffe c tive • T ranspare nt Unde rsta nding Your F ina nc ia l Audit Re sults F ina nc ia l Audit Re po rt Co mpo ne nts a nd Wha t T he y Me an E ffic ie nt • E ffe c tive • T ranspare nt 2 Purpose of a n Audit T he purpo se o f a n a udit is to pro vide fina nc ia l sta te me nt use rs with a n o pinio n b y the a udito r o n whe the r the fina nc ia l sta te me nts a re pre se nte d fa irly, in a ll ma te ria l re spe c ts, in a c c o rda nc e with the a pplic a b le fina nc ia l re po rting fra me wo rk. An a udito r's o pinio n e nha nc e s the de g re e o f c o nfide nc e tha t inte nde d use rs c a n pla c e in the fina nc ia l sta te me nts. 3 E ffic ie nt • E ffe c tive • T ranspare nt 1

F ina nc ia l Re porting F ra me works AOS Re g ulato ry OCBOA Ca sh Ca sh Ge ne rally OCBOA Mo difie d Ac c e pte d Ca sh Ac c o unting Princ iple s (GAAP) E ffic ie nt • E ffe c tive • T ranspare nt 4 F ina nc ia l Audit Re port Compone nts Inde pe nde nt Audito r’ s No te s to the Basic F inanc ial Basic F ina nc ial Sta te me nts Re po rt (Opinio n L e tte r) State me nts Inde pe nde nt Audito r’ s Re po rt o n Inte rnal Co ntro l o ve r F ina nc ial Re po rting and o n Co mplianc e and Othe r Matte rs Re quire d by Go ve rnme nta l Auditing Standards (GAGAS L e tte r) E ffic ie nt • E ffe c tive • T ranspare nt 5 Opinion L e tte r I de ntifie s whe the r the F ina nc ia l Sta te me nts a re pre se nte d fa irly, in a ll ma te ria l re spe c ts, in a c c o rda nc e with the Re po rting F ra me wo rk 6 E ffic ie nt • E ffe c tive • T ranspare nt 2

T ype of Opinions U nmo difie d Qua lifie d Adve rse Disc la ime r E ffic ie nt • E ffe c tive • T ranspare nt 7 Dua l Opinions a nd E mpha sis of Ma tte r Pa ra g ra phs E mpha sis o f Ma tte r Dua l Opinio ns Pa ra g ra phs •AOS Re g ula to ry •Sig nific a nt U nc e rta inty •Adve rse / U nmo difie d •Othe r Ma tte r E ffic ie nt • E ffe c tive • T ranspare nt 8 Clie nt Pre pa re d Re port Doc ume nts No te s to the Ba sic F ina nc ial Ba sic F ina nc ial State me nts State me nts 9 E ffic ie nt • E ffe c tive • T ranspare nt 3

GAGAS L e tte r I nte rna l Co ntro l o ve r F ina nc ia l Re po rting Co mplia nc e a nd Othe r Ma tte rs Re quire d by Go ve rnme nta l Auditing Sta nda rds E ffic ie nt • E ffe c tive • T ranspare nt 10 Additiona l Pote ntia l F ina nc ia l Audit Re port Compone nts Re quire d Supple me nta ry I nfo rma tio n (RSI ) T ra nsmitta l L e tte r E ffic ie nt • E ffe c tive • T ranspare nt 11 Sing le Audit Re port Compone nts No te s to the Sc he dule o f Sc he dule o f E xpe nditure s o f E xpe nditure s o f F e de ra l F e de ra l Awa rds (SE F A) Awa rds I nde pe nde nt Audito r’ s Re po rt o n Co mplianc e with Re q uire me nts Applic a b le to E a c h Ma jo r F e de ra l Pro g ra m a nd I nte rna l Co ntro l Ove r Co mplia nc e Re q uire d b y the Unifo rm Guida nc e 12 E ffic ie nt • E ffe c tive • T ranspare nt 4

Ma na g e me nt L e tte r I te ms no t ha ving a Mate ria l e ffe c t o n the F ina nc ia l State me nts I te ms to be bro ug ht to Mana g e me nt’ s Atte ntio n L e tte rs are no t available o n the I nte rne t E ffic ie nt • E ffe c tive • T ranspare nt 13 Ag re e d Upon Proc e dure (AUP) a nd Ba sic Audit Re ports Co mple te d in pla c e o f a F ina nc ial Audit Do n’ t Pro vide a n Opinio n E ffic ie nt • E ffe c tive • T ranspare nt 14 88 E. Broad St. Columbus, Ohio 43215 Phone: (800) 282-0370 Email: ContactUs@OhioAuditor.gov www.OhioAuditor.gov 5