Measure T Audits
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Each year, an independent accounting firm performs a financial audit of the all of the expenditures made by the Madera County Transportation Authority related to Measure T and the three agenices use of those funds. An audited financial statement is a company's document that a registered certified public accountant (CPA) has reviewed and determined is free from error.
It is the responsibility of the autditor to express an opinion on those financial statements based on its audit. Each audit is conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to the financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that the auditors plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the agency;s preparation and fair presentation of the financial statements 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 the internal control as it relates to the Measure “T” Fund. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. |
Madera County
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