Audit Reports

Audit FAQs

• What is the Annual Comprehensive Financial Report? The Annual Comprehensive Financial Report (ACFR) is a set of financial statements for a state, municipality, or other governmental entity that comply with the accounting requirements established by the Governmental Accounting Standards Board (GASB).
• What is an audit? An audit is an official inspection of an organization's financial accounts by an independent body.
• What is a management letter? A management letter is a formal communication from the auditor to the highest level of management of the entity being audited, in accordance with the International Standard on Auditing 265 that communicates deficiencies in internal control to those charged with governance and management.
• What is a Single Audit? A single audit is an organization-wide financial statement and federal awards audit of a non-federal entity that expends $750,000 or more in federal funds in one year.