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Financial Activities: |
Cleveland County Finance & Purchasing Department
Annual Audit
According to North Carolina General Statute 159-34, the County of Cleveland "shall have its accounts audited as soon as possible after the close of each fiscal year by a certified public accountant or by an accountant certified by the Commission as qualified to audit local government accounts." This auditor "shall evaluate the performance of [the County of Cleveland] with regard to compliance with all applicable federal and state agency regulations." Each year or at the end of each contract term, the County Commissioners must form a contract or agreement with an independent auditor to perform the annual audit. This contract or agreement is submitted to the State Treasurer for approval. The annual audit must begin as soon as possible after the close of each fiscal year, which ends on June 30. To be independent, the auditor must meet certain guidelines that determine whether the auditor may have a conflict of interest in performing the audit function. The independent auditor will evaluate the County's compliance with all applicable regulations and review the financial operations of the County. Throughout the audit process, the auditor may submit interim or progress billings up to 75% of the total contracted price. Prior to payment, all billings must be submitted to the State Treasurer for approval. Before the auditor receives final payment for performing the audit services, a copy of the final report is sent to the State Treasurer for a quality review inspection. The annual audit culminates in the production of an annual report. The
report includes basic financial statements (including note disclosures),
supplementary schedules, other information prepared in accordance with
generally accepted accounting principles, and the auditor's opinion as to
whether the statements are free of material misstatements. This report should
be available by December 15, or soon thereafter, of each year. A printed copy
of the annual financial and compliance report is retained at the County
Manager's office and at the public library in Shelby for public inspection.
Find below information about obtaining an electronic copy of prior year
reports on the annual audit.
Audit results for each County allow for comparisons on several matters. One such important matter is reserves, or fund balance available, in the County's main operating fund, the GENERAL FUND. Governments typically report some important items (such as debt service, capital projects, and certain other items) in various funds. See an audit report above for more in-depth discussion on funds. Not all Counties have these other funds, but all have a General Fund. For a discussion on reserves and a comparison of reserves among all NC counties, see Reserves: Average Fund Balance Available for the Year Ended June 30, 2012. Prior year data is also available. See choices below. Please feel free to contact us if you have any comments, concerns, issues, questions, suggestions, or thoughts regarding any of the services listed above. |
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