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Financial Reports (Audits)

Welcome to the Annual Audit Information Page

Georgia law (O.C.G.A. 50-6-6) and Habersham County Board of Education policy DID require annual financial audits of the books and accounts of the school district.  The purpose of an audit is to provide an objective independent examination of the financial statements and to issue a formal report covering all aspects of the district's financial statements and whether or not they are presented accurately and fairly, in all material respects, with regards to financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States of America.  
 
The importance of the external audit is evident when considering the reliance placed on the financial statements by a variety of users, such as board members, bondholders, creditors, government agencies, grantors, taxpayers and the community.  External auditors have the extensive industry knowledge needed to provide the highest level of assurance that the school district is efficiently and effectively managing district finances and maintaining transparency and accountability to stakeholders.  

 

Georgia law (O.C.G.A. 20-2-491) further requires public school systems to obtain continuing performance audits for the expenditure of sales tax for capital outlays if the tax generates $5 million or more annually.  Habersham County School District meets this requirement and thus a performance audit of ESPLOST funds is conducted annually to determine whether HCSD is achieving economy, efficiency and effectiveness in the utilization of tax funds.  This external independent performance audit ensures accountability and transparency and is conducted in accordance with the generally accepted government auditing standards (GAGAS) as maintained by the Comptroller General of the United States.