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News Release

State Auditor Schweich Announces New Audit Summary, Enhanced Stimulus Tracking

FOR IMMEDIATE RELEASE
Thursday, January 27, 2011

CONTACT: Gary McElyea, Media Director
(573) 751-4213
E-mail:  Gary.McElyea@auditor.mo.gov


JEFFERSON CITY (January 27, 2011) – State Auditor Tom Schweich announced today a new effort to make audit information more accessible to more Missourians.

Beginning in February, the State Auditor's Office will replace the traditional "yellow sheet" cover page of all newly released audits with an easy-to-read "Citizens Summary" to help better explain the results of each audit. This is the first major modification to the audit summary page since it was created in 1999.

"The addition of the Citizens Summary to all audits will provide Missourians another resource to review how efficiently their government is operating," Auditor Schweich said. "While my office will continue to provide detailed accounting of how tax dollars are being spent, the new Citizens Summary will ensure taxpayers can easily access audit conclusions which are important to them."

The Citizens Summary will also include the first performance rating system offered by the State Auditor's Office.

The performance rating scale will assess audited entities based on the following criteria:

Excellent: The audit results indicate this entity is very well managed. The report contains no findings. In addition, if applicable, prior recommendations have been implemented.

Good: The audit results indicate this entity is well managed. The report contains few findings, and the entity has indicated most or all recommendations have already been, or will be, implemented. In addition, if applicable, many of the prior recommendations have been implemented.

Fair: The audit results indicate this entity needs to improve operations in several areas. The report contains several findings, or one or more findings that require management's immediate attention, and/or the entity has indicated several recommendations will not be implemented. In addition, if applicable, several prior recommendations have not been implemented.

Poor: The audit results indicate this entity needs to significantly improve operations. The report contains numerous findings that require management's immediate attention, and/or the entity has indicated most recommendations will not be implemented. In addition, if applicable, most prior recommendations have not been implemented.

While the rating system provides a scale to assess management and operations, the rating only pertains to areas of the entity which were audited and do not reflect a formal accounting opinion.

Also today, Auditor Schweich announced that his office will begin enhanced tracking of federal stimulus funds received through the American Recovery and Reinvestment Act (ARRA). The funds will be charted in each audit report, while the Citizens Summary will explain what ARRA funds were obligated and received by the entity, how they were used and the effect they had on the local economy.

The changes in audit summaries and ARRA tracking will first be seen on audits scheduled to be released the beginning of February.