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Laketran Qualifies for Auditor of State Award with Distinction
Columbus – A recent financial audit of Laketran (Lake County) by Auditor of State Dave Yost’s office has returned a clean audit report. The transit authority’s excellent record keeping has qualified it for the Auditor of State Award with Distinction.
“Taxpayers expect accurate financial records from their local governments,” Auditor Yost said. “Laketran’s dedication to accountability is evident.”
The Auditor of State Award with Distinction 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 the form of a CAFR (Comprehensive Annual Financial Report);
- 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.
The Auditor of State’s office, one of five independently elected statewide offices in Ohio, is responsible for auditing more than 5,900 state and local government agencies. Under the direction of Auditor Dave Yost, the office also provides financial services to local governments, investigates and prevents fraud in public agencies and promotes transparency in government.