105.4 - Statewide Accounting Policy - Submission of Audit Reports

Policy Area:  Accounting and Financial Reporting
Policy Sub Area:  Statewide Financial Reporting
Authority:  GS 143B-426.40H
Effective Date:  7/1/2014
Last Revision Date:  2/16/2018
Policy Owner/Division: Statewide Accounting

Policy 

This policy applies to reporting units included in the State’s Comprehensive Annual Financial Report (CAFR) that have separately issued financial statements audited by a private CPA firm and which meet at least one of the following two criteria.

1)    The State CAFR presents the entity in a separate column, or
2)    The State Auditor’s opinion letter in the State CAFR indicates reliance on the entity’s independent audit report.

The following reporting units currently meet these criteria. 

Reporting Unit

Criteria

401(k) Supplemental Retirement Income Plan

1,2

North Carolina Deferred Compensation Plan

1,2

North Carolina Railroad Company

1

Rex Healthcare

2

Golden LEAF

1

North Carolina Housing Finance Agency

1,2

State Education Assistance Authority

1,2

North Carolina Biotechnology Center

1

Centennial Authority

1

North Carolina Turnpike Authority

1,2

Economic Development Partnership of North Carolina

1

North Carolina Department of State Treasurer Investment Programs

2

 

Entities having a fiscal year end of December 31 are required to use the transmittal form T101 provided on the OSC Year-end Package web page to submit the audit report with the CAFR package to the Office of the State Controller by the package required due date. 

Entities having a fiscal year end of June 30 are required to use the transmittal form T100 provided on the OSC Year-end Package web page to submit the audit report with updated CAFR package worksheets and narratives (as applicable) to the Office of the State Controller by September 30 or earlier as required.  The Department of State Treasurer Investment Programs audit report, transmittal form, and updated CAFR package worksheets and narratives are due by October 15. 

The Office of the State Controller will notify the Office of the State Auditor if an entity does not comply with this policy, and the Office of the State Controller will reflect the entity’s unaudited data in the CAFR submitted to the Office of the State Auditor.

Procedures

N/A

Accounting Guidance

N/A

Related Documents (Memos/Forms)

Transmittal form T100 for agencies having a fiscal year end of June 30 and transmittal form T101 for agencies having a fiscal year end of December 31 are located on this web page: Primary Government/Component Units Year-End Package

Revision History

  • 4/11/2013 - Added Centennial Authority, deleted Regional Economic Development Commissions, and specified Rex Healthcare for the requirement to submit rather than all entities of the UNC Health Care System.
  • 3/7/2014 - Divided into two sections and added High Point Regional Health and NC Turnpike Authority to new section A. Deleted special instructions for Rex.  Added new section B with Caldwell Memorial Hospital, Triangle Physicians Network, Chatham Memorial Hospital and 3 Regional Economic Development Commissions.  Added paragraph for these entities not part of the CAFR to email reports to CAFR@osc.nc.gov
  • 8/12/2014 - Changed effective date from 3/7/14 to 6/30/14. Removed Rural Economic Development Center from Part A because it is no longer a component unit effective for FYE6/30/14. Removed High Point Regional from Part A and Caldwell, Triangle Physicians and Chatham from Part B because although these are all part of the UNC Healthcare reporting unit and are part of the CAFR, only Rex Healthcare is referred to in the State Auditor’s opinion for the CAFR. 
  • 1/5/2015 - Changed effective date to 7/1/2014 and removed section B for the 3 Regional Economic Development Commissions (Western, Northeastern and Southeastern).  The repeal of General Statutes 158-8.1, 158-8.2, and 158-8.3 in Session Law 2013-363 dissolved these commissions effective June 30, 2014. Also revised the wording of the policy to no longer refer to section A since there is no longer a section B. Added the new Economic Development Partnership of North Carolina to the policy.
  • 6/29/2016 - Added the Department of State Treasurer External Investment Pool to the policy.
  • 4/30/2017 - Clarified the criteria used to determine which entities are subject to the policy. Updated link to webpage containing T100 and T101.  
  • 2/16/2018 - Revised previous reporting unit title “Department of State Treasurer – External Investment Pool” to the more apt North Carolina Department of State Treasurer Investment Programs to be consistent with title of independent auditor’s report. This audit report encompasses the External Investment Pool, Bond Index Investment Pool, and Equity Index Investment Account.