The city of Oakwood is audited on an annual basis. The purpose of an audit is for an independent third party to examine the financial statements, internal controls and compliance with laws, regulations, contracts and grant agreements (other reporting matters) of the City. This examination is an objective evaluation, which results in an audit opinion regarding whether the statements have been presented fairly and in accordance with generally accepted accounting principles (GAAP) and whether the other reporting matters are in accordance with governmental accounting standards.
The City has received the Ohio Auditor of State Award six times in the last eight years. The Award is presented to only 8% of the more than 4,000 financial audits of local governments, agencies and organizations.