Finding Text
Section 4.5 of the Water Revenue Bond Series 2020-DWSRF-DL states: “The Loan Recipient shall comply with the provisions of the federal Single Audit Act and Office of Management and Budget's Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (commonly called "Uniform Guidance"). Audit Requirements must be conducted according to Generally Accepted Accounting Principles as defined by the Governmental Accounting Standards Board and revisions, updates or successors.” The Authority failed to obtain an audit in accordance with the Single Audit Act within nine months after the end of the entity’s fiscal year, as required. The Authority contracted with an independent certified public accountant who conducted and issued the audit under generally accepted auditing standards. It was not until some time later when the Authority changed accounting firms that the issue was discovered and the audit was reperformed.