Two Ohio entities have been lauded for their pristine bookkeeping, securing themselves the Auditor of State Award with Distinction - a testament to their adherence to strict financial reporting and audit standards.
The Northwest Local School District in Hamilton County and the City of Kettering in Montgomery County have each impressed Auditor Keith Faber's office with their latest audit reports. According to a press release from the Ohio Auditor of State Keith Faber's office, these entities have not only met but surpassed the necessary criteria to earn this honor. "By keeping accurate financial records, governing bodies demonstrate their commitment to efficient, effective, and transparent service," Auditor Faber stated, recognizing the efforts put forth by these organizations to maintain order in their financial affairs.
To qualify for the accolade, recipients were expected to submit their financial reports via the Hinkle System by the due deadline, without any extensions, while also preparing a Comprehensive Annual Financial Report (CAFR) on a GAAP accounting basis. The award further stipulates that the entities' audit report must be void of findings for recovery, material citations, weaknesses, significant deficiencies, and certain other financial scrutiny metrics.
The management letters accompanying the audits also played a role in the assessment, as they required a clean record on several fronts. No ethics referrals, questioned costs beneath the Uniform Guidance threshold, bank reconciliation errors or delays in timely report submission factored into their evaluation. Furthermore, the entities were expected to have no outstanding Single Audit issues or any minor findings for recovery under $500. Lastly, there were no public meetings or public records issues, or any other financial concerns worth mentioning. These high standards ensure a bar of excellence that both the Northwest Local School District and the City of Kettering managed to achieve with their transparent and responsible financial handling, as per Auditor Faber's commendations.
Public entities need to maintain such rigorous standards, as these practices demonstrate a commitment to fiduciary responsibility and transparency that benefits their constituents. The Auditor of State Award with Distinction serves not just to honor these entities, but also to set a benchmark for others to emulate in the realm of public fiscal management. Auditor Faber's recognition of such commitment to excellence is a point of pride for those awarded and a clarion call for continuous improvement in public finance.
