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

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OHI O AUDI T OR OF ST AT E

KEITH FABER

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Unde rsta nding Your F ina nc ia l Audit Re sults

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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

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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

• 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

• 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.

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F ina nc ia l Re porting F ra me works

AOS Re g ulato ry Ca sh OCBOA Ca sh OCBOA Mo difie d Ca sh Ge ne rally Ac c e pte d Ac c o unting Princ iple s (GAAP)

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F ina nc ia l Audit Re port Compone nts

Inde pe nde nt Audito r’ s Re po rt (Opinio n L e tte r) Basic F ina nc ial Sta te me nts No te s to the Basic F inanc ial State me nts Inde pe nde nt Audito r’ s Re po rt o n Inte rnal Co ntro l

• 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)

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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

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T ype of Opinions

U nmo difie d Qua lifie d Adve rse Disc la ime r

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Dua l Opinions a nd E mpha sis of Ma tte r Pa ra g ra phs

Dua l Opinio ns

• AOS Re g ula to ry
• Adve rse / U

nmo difie d E mpha sis o f Ma tte r Pa ra g ra phs

• Sig nific a nt

U nc e rta inty

• Othe r Ma tte r

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Clie nt Pre pa re d Re port Doc ume nts

Ba sic F ina nc ial State me nts No te s to the Ba sic F ina nc ial State me nts

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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

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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

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Sing le Audit Re port Compone nts

Sc he dule o f E xpe nditure s o f F e de ra l Awa rds (SE F A) No te s to the Sc he dule o f E xpe nditure s o f F e de ra l Awa rds I nde pe nde nt Audito r’ s Re po rt

• 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

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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

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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

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

Email: ContactUs@OhioAuditor.gov