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Audit/Attestation Engagement


Special Purpose Governmental Entities are required to submit an audit or attestation engagement agreement based on a three-tier system defined by the total amount of revenue received and/or expenditures incurred by the library (see table below).  The audit or attestation engagement must be performed by a Certified Public Accountant or the Auditor of Public Accounts and conform to generally accepted (GASB) governmental auditing/attestation standards.  The audit must be completed within 12 months of the close of the fiscal year (June 30) and submitted to the Department for Local Government within two weeks of receipt of the completed audit/attestation [KRS 65A.030].

 Total Amount of Revenue or Expenditures  Audit/Attestation Engagement Requirement 
 Less than $100,000  Attestation Engagement – every 4 years
 $100,000-$499,999  Audit – every 4 years
 $500,000 and up  Audit – every year

 

Effective with the 2015 Annual Report, the audit is no longer required to be submitted to KDLA along with the Annual Report.

 

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