Representatives from the Office of Washington State Auditor met with Thurston County’s Board of County Commissioners (BoCC) on Thursday, June 6, to hold the county’s Financial and Single Audit Entrance Conference.
Washington State Auditor's Office Audit Manager Lisa Carrell said the informational briefing is focused on the financial and federal audits the office will subject the county to for the fiscal year 2023.
“The purpose of a Financial Statement Audit is to issue an opinion on whether the financial statements are free from material error and are fairly stated,” explained Carrell. “A Federal Grant Audit, often called a Single Audit, is required any time the county spends more than 750,000 in federal funds.”
For the Federal Grant Audit, the auditors will look at the federal funding that the county expended during the year, select individual grants for audits, and then determine whether the county has complied with the requirements for receiving that federal funding.
Carrell added that the Office of the Washington State Auditor audits all state and local governments.
The office has conducted 2,448 audits from January 1, 2022, to December 31, 2022. The office does audit engagements such as accountability, performance, cybersecurity, fraud/whistleblower allegations, “unauditable” government units, and citizen hotlines.
Audit Lead Beau Villarreal explained more on the Financial Statement Audit spanning January 1 to December 31, 2023.
“The objective of the audit is to issue an opinion on whether they are fairly stated and are materially correct. Our audits are conducted in accordance with government auditing standards and these standards require that we take a look at the county's financial statement preparation controls,” said Villarreal.
This type of audit will come with an Annual Comprehensive Financial Report (ACFR) letter which is an optional Certificate of Achievement for Excellence in Financial Reporting.
The Federal Grant Compliance Audit for the same period is also issued in accordance with Government Auditing Standards and the Uniform Guidance.
The objective of this audit is to ascertain whether the county complies with the requirements for receiving federal funding.
“These audits are conducted in accordance with uniform guidance— these standards also require that we gain an understanding of the county's internal controls,” Villarreal said.
Six grants will be subjected to audit:
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