The most visible product of the State Auditor’s Office is our audit reports. We are responsible for three primary types of audits – performance audits, financial audits, and the federally mandated single audit. Each of these audits is performed in accordance with generally accepted government auditing standards.
Performance Audits. These are audits that provide assurance or conclusions based on an evaluation of sufficient, appropriate evidence against stated criteria, such as specific requirements, measures, or defined business practices. Performance audits provide objective analysis so that management and those charged with governance and oversight can use the information to improve program performance and operations, reduce costs, facilitate decision making by parties with responsibility to oversee or initiate corrective action, and contribute to public accountability.
Financial Audits. Our primary financial audit is the audit of the State’s Comprehensive Annual Financial Report (CAFR). We contract out the bulk of this work to an independent CPA firm who expresses an opinion on and provides reasonable assurance that the financial information presented in this report is free of material misstatement. In this audit, the State's compliance with certain provision of laws and regulations as well as the internal control structure put in place by state management are also tested.
Federal Single Audit. The Single Audit reviews the more than $1.2 billion Vermont receives annually from the federal government to ensure that it is spent in compliance with all applicable laws and regulations. We contract out the bulk of this work to an independent CPA firm.