Laketran Qualifies for Auditor of State Award with Distinction

Columbus – A recent financial audit of Laketran, Lake County’s regional public transportation system, by Auditor of State Keith Faber has returned a clean audit report.
Their record keeping has qualified them for the Auditor of State Award with Distinction.

“It is clear that Laketran takes the responsibility of receiving taxpayer dollars very seriously,” Auditor Faber said. “This award is an acknowledgment of the hard work
they’ve done to keep clean and accurate financial records.”
The Auditor’s Office presents the Auditor of State Award with Distinction to local governments and school districts upon the completion of a inancial audit. Entities that receive the award meet the following criteria of a “clean” audit report:

  • The entity must file financial reports with the Auditor of State’s office by the statutory due date, without extension, via the Hinkle System, on a GAAP accounting basis and prepare a CAFR (Comprehensive Annual Financial Report);
  • The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance (Single Audit) findings or questioned costs;
  • The entity’s management letter contains no comments related to:
    • Ethics referrals
    • Questioned costs less than the threshold per the Uniform Guidance
    • Lack of timely report submission
    • Reconciliation issues
    • Failure to obtain a timely Single Audit in accordance with Uniform Guidance
    • Findings for recovery less than $500
    • Public meetings or public records issues
  • The entity has no other financial or other concerns.

Full copies of these reports are available online.