Annual Audit

According to North Carolina General Statute 159-34, the County of Cleveland "shall have its accounts audited as soon as possible after the close of each fiscal year by a certified public accountant or by an accountant certified by the Commission as qualified to audit local government accounts." This auditor "shall evaluate the performance of [the  County of Cleveland] with regard to compliance with all applicable federal and state agency regulations."

Each year or at the end of each contract term, the County Commissioners must form a contract or agreement with an independent auditor to perform the annual audit. This contract or agreement is submitted to the State Treasurer for approval. The annual audit must begin as soon as possible after the close of each fiscal year, which ends on June 30. To be independent, the auditor must meet certain guidelines that determine whether the auditor may have a conflict of interest in performing the audit function. The independent auditor will evaluate the County's compliance with all applicable regulations and review the financial operations of the County.

Throughout the audit process, the auditor may submit interim or progress billings up to 75% of the total contracted price. Prior to payment, all billings must be submitted to the State Treasurer for approval. Before the auditor receives final payment for performing the audit services, a copy of the final report is sent to the State Treasurer for a quality review inspection.