COTA Receives Auditor of State Award with Distinction for Fifth Year in a Row
A recent financial audit of the Central Ohio Transit Authority by Auditor of State Dave Yost’s office has returned a clean audit report. COTA's excellent record keeping has earned it the Auditor of State Award with Distinction for the fifth year in a row.
The Auditor of State Award with Distinction 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:
- The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
- The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
- 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
- Public meetings or public records
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