The Financial and Single Audit

Financial Accounting Manual 4.1.1 May 2009 The Financial and Single Audit Financial Audits Purpose and Description This section establishes standards for minimum format and content for technical college districts' audited financial reports and guidelines for additional information that may be presented in audited financial reports.. These reports are important sources of financial information to the district board, taxpayers, bond investors, the Wisconsin Technical College System Office and Board, and other state and federal government agencies. It is important that these reports present sufficient and reliable data so that meaningful evaluations and proper financial decisions can result. What may be construed as immaterial in the audit of a non-governmental entity may be material in a governmental unit in light of the public interest involved. It should be noted that this section is not intended to replace the independent auditor's professional judgment, but it is intended to support and complement it. Generally Accepted Accounting Principles (GAAP) and Generally Accepted Auditing Standards (GAAS) shall apply to these audits. Standards applicable to state and local governments apply to the Wisconsin Technical College System (WTCS). These standards and regulatory guidance include federal Office of Management and Budget (OMB) Circular A-102 (Grants and Cooperative Agreements with State and Local Government) and the Common Rule (Uniform ...