An independent Auditor’s Report is an official opinion issued by an external auditor. The Report is prepared based upon the auditor’s examination of the College’s financial statements including the required accompanying disclosures. Management at Knox College is responsible for the preparation and presentation of the financial statements for the college in accordance with generally accepted accounting principles. It is the independent auditor’s responsibility to express an opinion on the financial statements based on the audit.
The Single Audit, previously known as the OMB Circular A-133 audit, is the examination of the College’s financial statements specifically as it relates to the expenditure of federal awards. The Single Audit is required of any non-federal entity that expends $750,000 or more in federal funds in one year. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering Knox College’s internal controls and compliance.
