SMART requires an audit of its basic financial statements for fiscal years ending June 30th , 2019, 2020, and 2021 and the related notes and supporting schedules for the years then ended. An audit opinion in the form of an Independent Auditor’s Report is required. All electronic filing of the Authority’s financial reports, along with all other required letters or reports will be submitted directly to the State of Michigan by the audit firm.
SMART also requires a federal awards audit in compliance with Governmental Auditing Standards and the provisions of OMB Circular A-133. All electronic filing of the Authority’s federal awards audit including the data collection form, along with all other required letters or reports will be submitted directly to Federal Audit Clearinghouse by the audit firm.
The audits will be conducted in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.