Title: Opinion
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
We have audited the schedule of expenditures of federal awards for the Consortium of Universities for the Advancement of Hydrologic Science, Inc. for the year ended December 31, 2019, and the related notes (the schedule).
Title: Opinion Part 2
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
In our opinion, the accompanying schedule of expenditures of federal awards presents fairly, in all material respects, the expenditures of federal awards for the Consortium of Universities for the Advancement of Hydrologic Science, Inc. for the year ended December 31, 2019, in accordance with accounting principles generally accepted in the United States of America.
Title: Basis for Opinion
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
We conducted our audit in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Schedule section of our report. We are required to be independent of Consortium of Universities for the Advancement of Hydrologic Science, Inc. and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Title: Responsibilities of Management for the Schedule
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
Management is responsible for the preparation and fair presentation of the schedule in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the schedule that is free from material misstatement, whether due to fraud or error.
Title: Auditor’s Responsibilities for the Audit of the Schedule
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
Our objectives are to obtain reasonable assurance about whether the schedule as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in aggregate, they would influence the judgment made by a reasonable user based on the schedule.
Title: Uniform Guidance 1
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
In performing an audit in accordance with generally accepted auditing standards, Government Auditing Standards, and the Uniform Guidance, we:
Title: Uniform Guidance 2
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
• Exercise professional judgment and maintain professional skepticism throughout the audit,
Title: Uniform Guidance 3
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
• Identify and assess the risks of material misstatement of the schedule, whether due to fraud, or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the schedule.
Title: Uniform Guidance 4
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Consortium of Universities for the Advancement of Hydrologic Science, Inc. internal control. Accordingly, no such opinion is expressed.
Title: Uniform Guidance 5
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the schedule.
Title: Uniform Guidance 6
Accounting Policies: Note 2. Summary of Significant Accounting Policies
De Minimis Rate Used: N
Rate Explanation: Used the rate of award.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.