The Cuyahoga Falls City School District was among a number of entities that received the Auditor of State Award for its clean audit report, according to a news release from Auditor of State Dave Yost.
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:
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; and
No other financial or other concerns exist that involve eligible entity.