Bucyrus City School District received an Auditor of State Award this week for its clean audit report.
The Auditor of State Award is presented 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 in accordance with GAAP (Generally Accepted Accounting Principles);
The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
The entity’s management letter contains no comments related to:
* Ethics referrals
* Questioned costs less than $10,000
* Lack of timely report submission
* Failure to obtain a timely Single Audit
* Findings for recovery less than $100
* Public meetings or public records
* No other financial or other concerns exist that involve eligible entity.