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Fiscal Topics

Question: What is an auditor’s responsibility when it comes to compiling the audit report?

Answer: Agencies can each handle this a little differently and much of it depends on the services agreed upon in your contract with the independent auditor. At OACAA, we provide the statement of financial position, statement of activities, and schedule of expenditures for federal awards. Our auditors complete the rest of the audit and prepare the final report. It is then reviewed for accuracy.

Below are a few examples of how other Ohio agencies manage audits.

  • Agency response: In addition to what OACAA does, we prepare the SFA, the balance sheet, and the footnotes.
  • Agency response: Completes all published audit schedules and notes to the financial statement for each audit completed annually.
  • Agency response: We do the same as OACAA although we also provide clarification in the notes, the trial balance report, and several other detailed analysis reports on expenditures and revenues.
  • Agency response: We complete a draft of the audit financials, notes, and all schedules for the auditor’s review.