1 Del. Admin. Code § 708-1-3.0 - Report Types

3.1 Reports must be completed by an independent certified public accounting firm at a minimum "Review" level. The submission shall include, but not be limited to, the following:

3.1.1 The Accountant's Report provided to the volunteer fire or ambulance companies by their independent accountant.

3.1.2 Financial statements, including:

3.1.2.1 Statement of financial position (Balance sheet).

3.1.2.2 Statement of revenue and expenses.

3.1.2.3 Statement of cash flow.

3.1.2.4 Notes to financial statements.

3.1.2.5 Letter of observations and/or comments.

3.1.2.6 Letter of representation.

3.1.3 The required documentation shall be submitted to the Commission with a cover sheet signed off on by the volunteer fire or ambulance company president verifying that he or she has reviewed the submission and all of the items required by subsections 3.1.1 and 3.1.2 are included.

3.2 A full financial audit may be required, in the Commission's discretion, if a fire department or ambulance company receives a second annual "Review" report that continues to indicate insufficient corrective actions have been taken to address inadequate financial management, lack of appropriate internal controls, and/or issues or trends that indicate possible financial failure of the company.

3.3 A fire department or ambulance company may voluntarily submit a full financial audit rather than a review level report if it chooses to do so.

Notes

1 Del. Admin. Code § 708-1-3.0