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On August 14, State Auditor Mike Harmon unveiled the audit findings related to Floyd County Sheriff John Hunt‘s tax settlement for the year 2021. As mandated by state law, the auditor is required to annually scrutinize the financial records of each county sheriff, Floyd County Chronicle reported.
Floyd County Sheriff’s Tax Settlement Released By State Auditor Mike Harmon On Aug. 14! (PHOTO: 95.1 The Bull)
Floyd County Sheriff’s Tax Settlement Released
As mandated by this legal requirement, the auditor issues two separate reports each year: one dedicated to examining the audit of the sheriff’s tax account, and the other concentrating on the review of the fee account responsible for financing the operational aspects of the office, as stated in a communication released by Harmon’s office.
The auditor’s communication, in compliance with auditing norms, functions as a tool to ascertain whether the Floyd County sheriff’s settlement appropriately represents the taxes assessed, acknowledged, and disbursed by recognized accounting principles within the United States of America.
The Floyd County sheriff’s settlement is compiled based on a regulatory basis, a methodology elaborated upon in the auditor’s opinion letter. This approach to reporting is deemed acceptable and is consistently applied to all 120 sheriff settlements in Kentucky.
According to the statement, the Floyd County sheriff’s financial statement effectively portrays the taxes charged, credited, and paid during the timeframe spanning April 16, 2021, through August 31, 2022. This depiction conforms to the regulatory basis of accounting. Notably, the auditor identified no instances of noncompliance during the audit process. Additionally, no significant weaknesses in internal control over financial reporting and its operational aspects were identified.
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Floyd County Sheriff’s Responsibilities
The Floyd County sheriff’s responsibilities encompass an array of duties, including property tax collection, law enforcement provision, and service provision to the county fiscal court and courts of justice. The funding for the Floyd County Sheriff’s Office is derived from statutory commissions and fees collected in conjunction with these responsibilities.
The release of this tax settlement audit sheds light on the financial transparency and accountability of Floyd County Sheriff’s operations, ensuring adherence to legal and accounting standards within the state.
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