CAFR Audit
Annually the Office of the State Comptroller issues a Comprehensive Annual Financial
Report (CAFR), prepared in accordance with generally accepted accounting principles.
Included within this report are all necessary presentations and disclosures to present
fairly, in all material respects, the financial position of the State at fiscal year end
and the results of the operations of the State for the fiscal year. It is the
responsibility of the Auditors of Public Accounts to audit the records of the State in
accordance with generally accepted auditing standards and express an opinion on the
general purpose financial statements.
The Federal Single Audit Act of 1984, as amended by the Single Audit Act Amendments of
1996, requires that an annual audit be performed which reviews recipient's controls over
Federal funds and compliance with Federal program requirements. As part of this audit, Federal Office
of Management and Budget Circular A-133 requires that the auditor determine whether
the financial statements of the audited agency present fairly its financial position and
the results of its financial operations in accordance with generally accepted accounting
principles. Thus, the audit work performed to obtain evidence needed to issue the audit
certificate included in the CAFR
is also required by the Single Audit Act and becomes an integral part of the audit effort
performed on Federal Financial Assistance.
