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Local Agencies' Use of Highway Funds <br /> ~ Performance Audit <br /> OVERVIEW Continued <br /> ~ ) <br /> D..Procedures Used by Independent Public Accountants in Mee#ing the <br /> Requirements of OAR 162-10-295. (Continued) - <br /> The results of the independent auditors' review of these requirements are included in <br /> =the counties and cities' annual audit report in a section generally entitled Audit <br /> Comments and Disclosures Required by State Regulations: ` ~ - " <br /> E. Procedures Used by the Audits Division to Review Audit Reports for Compliance . <br /> With-the Minimum Standards for Audits of Oregon Municipal Corporations: <br /> ,:Oregon Revised Statues 297.465 (3) requires that a municipal corporation file a copy of <br /> its annual audit report with the Secretary of State Audits Division by no :later than <br /> December 31 of the year under audit,-:unless an extension is requested and granted. <br /> The report is subject to review by the Secretary of State Audits Division for compliance <br /> with the Minimum Standards for Audits of Oregon Municipal Corporations (Minimum <br /> Standards). The Minimum Standards "list the financial statements, and disclosures <br /> required to be made by the independent auditor regarding the municipal corporation's <br /> compliance with certain Oregon Revised Statutes. <br /> During 1997-98 personnel of the Audits Division reviewed -two hundred nine 1996-97 <br /> audit reports to determined ifi they complied-with the requirements of the Minimum <br /> Standards. These audit reports included counties, cities, school districts and special <br /> districts. Letters of comment were sent to seventy-seven municipal corporations <br /> including twenty-two to counties and thirty-two to cities. These letters summarized <br /> financial reporting deficiencies and their non-compliance with certain Oregon Revised <br /> Statutes. The letters request the municipal corporations to correct any reporting <br /> ~ deficiency in their 1997-98 audit report. In addition, the municipal corporation is to <br /> i <br /> respond to the Audits Division what corrective action they will undertake to remedy the <br /> non-compliance with the Oregon Revised Statutes. An additional fifty letters, five <br /> relayed to city audits, were sent to the independent auditors. These letters summarized <br /> <br /> i <br /> Talbot, Korvola 8 Warwick, t~ 11 <br /> _ <br /> <br />