Financial Reporting

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Annual Comprehensive Financial Report (ACFR)

In order for the County to qualify for millions of dollars in State and Federal reimbursements, an Annual Comprehensive Financial Report (ACFR) must be prepared according to prescribed guidelines. The ACFR presents the county’s financial information for use by the public, government, bond-rating agencies and internally to ascertain the financial health of the County. It is prepared in conformance with Generally Accepted Accounting Principles (GAAP). The report is also required to reflect any new Governmental Accounting Standard Board (GASB) pronouncements affecting ACFR reporting. When complete, the report is audited by an external independent accounting firm to ensure compliance. The highest standard by which all ACFRs are measured is the Government Finance Officer’s Association’s Certificate of Achievement for Excellence in Financial Reporting. Orange County’s ACFR has received this honor every year since 1996.

For current and past ACFR reports, click here.

Annual Citizens' Report

In addition to the ACFR, the Auditor-Controller prepares the Annual Citizens’ Report based on the information in the ACFR. The report presents financial highlights and is a summary designed for the general public.

For current and past Citizens’ Reports, click here.

State and Federal Reporting

Federal law requires governments that receive Federal financial assistance and awards to prepare a Single Audit Report. This report is prepared by an outside accounting firm to ensure compliance and internal control for Federal awards and to render an opinion on the County’s compliance requirements for each Federal program.

The State mandates a variety of programs and services on the County with some costs reimbursed by the State. To receive reimbursements, the unit receives reimbursement claims from County departments, reviews the claims for compliance, and submits them to the State Controller for reimbursement. The Auditor-Controller often acts as a liason between the departments and the State to defend claims and ensure that the county receives the maximum reimbursement allowable.

For current and past Single Audit Reports, click here.

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