Audited Financial Statements
The Georgia Department of Education (GaDOE) Office of Financial Review publishes Financial Management for Georgia Local Units of Administration. This document defines the purpose of audited financial statements for Georgia public schools.
The purpose of an audit of the financial statements is to express an opinion as to whether the financial statements are presented fairly, in all material respects, with respect to financial position, results of operations, and cash flows (if applicable) in conformity with accounting principles generally accepted in the United States of America. If the auditor is unable to express an opinion a disclaimer of opinion may be appropriate.
The auditor has the responsibility to plan and perform an audit to obtain reasonable assurance as to whether the financial statements are fairly stated and free of material misstatements, whether caused by error or fraud. The financial statements, however, are the responsibility of management. While the auditor’s responsibility is to express an opinion on the financial statements, management is responsible for adopting sound accounting policies and establishing internal controls with appropriate levels of monitoring to ensure that transactions are properly initiated, authorized, recorded and reported in accordance with management’s assertions embodied in the financial statements.
—Financial Management for Georgia Local Units of Administration
Chapter 38 – The Annual Audit