Article Courtesy of The Berea Citizen
The Madison County Fiscal Court received a clean bill of health from State Auditor Mike Harmon Monday.
In a letter addressed to the court, Harmon office stated that the auditor’s letter to communicate “whether the financial statement presents fairly the receipts, disbursements and changes in fund balances of the Madison County Fiscal Court in accordance with accounting principles generally accepted in the United States of America.” Harmon found that the fiscal court’s finical statement “did not follow this format.”
“However, the fiscal court’s financial statement is fairly presented in conformity with the regulatory basis of accounting, which is an acceptable reporting methodology. This reporting emthology is followed for 115 of 120 fiscal court audits in Kentucky.”
Harmon “noted no instances of noncompliance” and added that “no matters involving internal control over financial reporting and its operation that were considered to be material weaknesses.”