Governmental Audits

Governmental audits are performed on public entities of all sizes and jurisdictions, normally supported by public funding with a mission statement benefiting the common good of its citizenry.

At Schultz, Wood & Rapp, our auditors specialize in auditing local governmental entities such as school districts, regional planning commissions, public housing authorities and special-purpose taxing jurisdictions such as fire districts, water districts, and solid-waste districts operating in the state of Missouri.

The majority of our audits express opinions upon the fairness of a governmental entity’s financial statements and related supplementary schedules, and its compliance with various state and/or federal rules and regulations that are promulgated by various oversight governmental agencies.

Our audits are conducted in accordance with auditing standards generally accepted in the United States of America, standards for financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, commonly referred to as Yellow Book Standards. We also perform federal Single Audits, in accordance with the Single Audit Act Amendments of 1996 and the provisions of U.S. Office of Management and Budget (OMB) Circular A-133, as them may apply.

The relationships and expectations between clients and their accounting firm have changed significantly over the past few years. The financial reporting process, the audit process, the overall corporate governance of organizations and oversight of the financial statements have been the focus of considerable attention by standards setters, the financial community, regulators and even lawmakers.

Volatile financial times have led to a flattening of revenues while costs have continued to rise, resulting in pressure to reduce spending. Taxpayers are being forced to confront their own financial pressures, which can put additional stresses on finances. All of these pressures are mounting amidst rapidly evolving legislative and financial reporting frameworks.

Now, more than ever, governmental institutions need Schultz, Wood & Rapp, an accounting firm that is committed to your industry, focused on providing the utmost quality and service and has the resources and reputation to back it up.