The Wayne County Outlook

Local News

June 3, 2014

Audit released for fiscal court

6-4-2014 —     State Auditor Adam Edelen has released the audit of the financial statements of the Wayne County Fiscal Court for the year that ended June 30, 2013. State law requires annual audits of fiscal courts.

    The auditor noted no instances of non-compliance.

    The auditor also noted no matters involving internal control over financial reporting and its operation that were considered to be material weaknesses.

    Recent changes in auditing standards require the auditor's letter to communicate whether the financial statement presents fairly the revenues, expenditures and excess fees of the Wayne County Fiscal Court in accordance with general accepted accounting principles in the United States.

    "This audit is another good sign for economic and industrial development in Wayne County," said Wayne County Judge-Executive Greg Rankin. "Companies want to work and do business with local governments that are honest and have a track record of strong fiscal responsibility."

    The report found that the financial statement of the fiscal court did not follow this format, however the financial statement is fairly presented in conformity with the regulatory basis of accounting, which is an acceptable reporting methodology.

    This reporting methodology is followed for 115 of 120 fiscal court audits in Kentucky.

    The audit report can be found on the auditor's website.

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