Local Government : Financial Audits

What is a financial audit?

We perform financial statement audits to determine if the local governments' financial statements are accurate and complete. Our audits provide users with an independent assessment of the local governments financial positions and the results of their operations and cash flows. 

Our objective is to provide an audit opinion about whether a local government's financial statements are presented fairly in all material respects in conformity with an applicable financial reporting framework. Financial statement audits are performed in accordance with Government Auditing Standards and also include reports on internal control over financial reporting and on compliance with provisions of laws, regulations, contracts and grant agreements that have a material effect on the financial statements.

Who is required to receive a financial audit?

A local government is required to receive an audit of its financial statements if it:

  • Receives over $2 million in annual revenues, or
  • Spends more than $500,000 in federal financial assistance in a year ($750,000 for  years beginning after 12/26/2014), or
  • Is specified in financing arrangements, such as bonds, loans or grant agreements.

Contact your Local Audit Team to address your questions and discuss your local government's audit requirements.

What is a local government's financial reporting responsibility?

All local governments are required by RCW 43.09.230 to submit an annual report to our Office within 150 days of fiscal year end.

Resources for local government financial reporting

  • Our BARS Manual includes checklists and templates. Also, learn about the Local Government Advisory Committee, who take a leading role in setting statewide financial policies that affect local governments.
  • Take advantage of the training opportunities in your area on the Washington Finance Officers Association website. These courses, provided by our Office and WFOA, offer continuing education credits for financial professionals.
  • Look at the resources on our website for schools.

Need more information on best practices?

Visit our page Auditing Resources : Financial audits.

 
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