FCSD Earns Auditor of State Award for Excellence in Financial Reporting

  • The entity must file financial reports with the Auditor of State’s office by the statutory due date, without extension, via the Hinkle System application on the GAAP (Generally Accepted Accounting Principles) accounting basis. GAAP is the set of accounting rules set forth by the Financial Accounting Standards Board (FASB) that U.S. companies are expected to follow when putting together their financial statements. The goal of GAAP is to ensure that a company's financial statements are complete, consistent, and comparable.
  • The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance (Single Audit) findings, or questioned costs;
  • The entity’s management letter contains no comments related to:
    • Ethics referrals

    • Questioned costs less than the threshold per the Uniform Guidance

    • Lack of timely report submission

    • Bank reconciliation issues

    • Failure to obtain a timely Single Audit in accordance with Uniform Guidance

    • Findings for recovery less than $500

    • Public meetings or public records issues

  • The entity has no other financial or other concerns