About Audits

An audit is a thorough review of the City’s financial statements to ensure all public funds are handled correctly. Auditors focus on areas of concern or higher risk of fraud to confirm appropriate receipt and use of public funds. They compare financial statements to year-end reports and investigate any differences for possible errors. They also review all bank activity to ensure every dollar is accurately recorded.

Who Audits the City

Audits are completed by the State Auditor’s Office (SAO) of Washington. Because the City of Newcastle has Long-Term General Obligation (LTGO) bonds outstanding, financial audits must be performed annually and submitted to the Municipal Securities Rulemaking Board (MSRB) for ongoing bond compliance. SAO also performs Accountability audits annually as staffing allows. Lastly, SAO conducts Federal Single audits for any fiscal year in which the City spends more than $750,000 in federal funds.

Resources

All audit reports performed by SAO are published in the Audit Reports Database. SAO performs audits for all public entities in Washington State and compiles this data in its Financial Intelligence Tool (FIT). This tool allows the public to review and compare data across different public entities.

View Past Audit Reports in the Document Center.