AUDIT SUMM - SINGLE AUDIT FY03

S TATE OF R HODE I SLAND-GENERAL A SSEMBLY OFFICE of the AUDITOR GENERAL AUDIT SUMMARYERNEST A. ALMONTE, CPA, CFE AUDITOR GENERAL INTEGRITY ♦ RELIABILITY ♦ INDEPENDENCE ♦ ACCOUNTABILITY ernest.almonte@oag.ri.gov Settlement Financing Corporation (the DECMMBER 2004 Corporation) early implemented new accounting technical guidance. As a SINGLE AUDIT REPORT result, the Corporation changed its FISCAL YEAR ENDED JUNE 30, 2003 method of accounting for it’s purchased interest in tobacco settlement revenues We completed our Single Audit of the which focus on the individual parts of State and the State changed its presentation State of Rhode Island (the State) for the government with a focus on current available of the Corporation from a discretely resources and their use. presented component unit to a blended fiscal year ended June 30, 2003. This audit is required by both State and Federal component unit. We also highlighted law. The Single Audit Report includes the We concluded that the State’s that, as permitted by current State’s basic financial statements, a government-wide financial statements accounting standards, the State has schedule of federal program expenditures, present fairly the State’s net assets and the included only capital outlays for and findings and recommendations results of its operations for the fiscal year infrastructure since July 1, 2001 as pertaining to the financial ...