JACKSON COUNTY, Ky. (WTVQ) – State Auditor Mike Harmon released audit Wednesday for the Jackson and Knott County fiscal courts. The Jackson County audit contains 10 comments and Knott County six comments and while they have some issues, they are similar to other counties in the state.
The audits are for the fiscal year ended June 30, 2020. State law requires annual audits of county fiscal courts.
Auditing standards require the auditor’s letter to communicate whether the financial statement presents fairly the receipts, disbursements, and changes in fund balances of the fiscal courts in accordance with generally accepted accounting principles.
The fiscal courts’ financial statements did not follow this format. However, the fiscal courts’ financial statements are 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.
As part of the audit process, the auditor must comment on noncompliance with laws, regulations, contracts, and grants. The auditor must also comment on material weaknesses involving internal control over financial operations and reporting. Read the Jackson County audit 2020JacksonFC-PR or the Knott County audit 2020KnottFC-PR .