MANSFIELD — A recent financial audit of the Richland School of Academic Arts by the Auditor of State’s office has returned a clean report. As a result, the school has earned the Auditor of State award.
The Auditor of State award 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:
1. The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
2. The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, single audit findings or questioned costs;
3. The entity’s management letter contains no comments related to: ethics referrals, questioned costs less than $10,000, lack of timely report submission, reconciliation, failure to obtain a timely single audit, findings for recovery less than $100, or public meetings or public records.
