2025-08-26-minutes-finance-study-session

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Exit items address control deficiencies, non-compliance, abuse, or errors that have an insignificant effect on audit objectives. These issues are informally communicated to management and are not referenced in the audit report. Client's Responsibilities Management is responsible for the accuracy and completeness of information provided to the auditor and will provide the Office of the Washington State Auditor with: • Unrestricted access to people with whom the auditor wishes to speak. • All information that is requested or relevant to auditor requests. o To avoid charges for unnecessary downtime, audit requests will be fulfclled within 24 hours unless otherwise agreed upon. o Reconciliation or cross -walk from the general ledger trial balance to the financial statements Notification when any documents, records, files, or data contain information that is covered by confidentiality or privacy laws. Adequate workspace and conditions, including interacting with auditors professionally and respectfully and promptly communicating about any issues and concerns. Moreover, our audit does not relieve management or the governing body of their responsibilities. Management's responsibilities, with oversight from the governing body, include: • Selecting and applying appropriate administrative and accounting policies. • Establishing and maintaining effective internal controls over financial reporting, compliance, and safeguarding of public resources. • Designing and following effective controls to prevent and detect fraud, theft, and loss. • Promptly reporting to us knowledge of any fraud, allegations of fraud or suspected fraud involving management, employees or others, in accordance with RCW 43.09.185. • Ensuring compliance with laws, regulations and provisions of contracts and grant agreements. • Preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). • Preparing the following supplementary information: o Schedule of Expenditures of Federal Awards (including notes and noncash assistance received) that includes all expenditures from federal agencies and pass -through agencies in the form of grants, contracts, loans, loan guarantees, property, cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations, and other assistance in accordance with Uniform Guidance 2 CFR § 200.510 requirements o Combining Statements in accordance with Generally Accepted Accounting Principles] • Including the auditor's report on the supplementary information in any document that both contains the supplementary information and indicates that the auditor reported on the supplementary information. • Either presenting the supplementary information with the audited financial statements or, if the supplementary information will not be presented, making the audited financial statements readily available to users of the supplementary information no later than the date the supplementary information and auditor's report thereon are issued. • identifying all federal awards received. • Understanding and complying with the provisions of laws, regulations, contracts, and grant agreements, including applicable program compliance requirements.