COLUMBUS, OH—A recent financial audit of the Central Ohio Transit Authority (COTA) by Auditor of State Dave Yost’s office has returned a clean audit report. COTA’s excellent record keeping has earned it the Auditor of State Award with Distinction for the fifth year in a row.
The Auditor of State Award with Distinction is presented to local governments and school districts upon the completion of a financial audit. Entities that receive the award meet the following criteria of a “clean” audit report:
- The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);
- The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Single Audit findings or questioned costs;
- The entity’s management letter contains no comments related to:
- Ethics referrals
- Questioned costs less than $10,000
- Lack of timely report submission
- Failure to obtain a timely Single Audit
- Findings for recovery less than $100
- Public meetings or public records
The Central Ohio Transit Authority (COTA) is the regional public transit provider for Greater Columbus and central Ohio. With a service area of 1.2 million residents, COTA provides more than 18 million passenger trips per year, and employs more than 1,000 people.COTA operates throughout Franklin County, and parts of Delaware, Fairfield, Licking and Union counties. For more information about COTA, visit COTA.com or call (614) 228-1776.