ORWELL — Grand Valley Local Schools received the Auditor of State Award for its clean audit report in the month of February, according to a press release from Ohio Auditor of State Keith Faber.
The Auditor’s Office presents the Auditor of State Award to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a “clean” audit report:
• The entity must file timely financial reports with the Auditor of State’s office via the Hinkle System in accordance with GAAP (Generally Accepted Accounting Principles);
• 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;
• 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, and
•The entity has no other financial or other concerns.
