The city of Urbana received an Auditor of State Award for its 2017 audit, according to a news release from the state Auditor’s Office. Local governments and school districts submitting “clean” audits have met the following guidelines:
• 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
– Reconciliation
– 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