This series consists of three sets of audit reports prepared by commercial auditing firms. A few of the oldest reports are brief typescripts in paper pamphlet binders, but most items in the series are printed volumes with various types of covers. Although some of the volumes are large (up to 245 pages), the recent reports are short (about 25 pages). These audit reports concern the fiscal affairs of the Georgia State Financing and Investment Commission. (See Function Statement) The Commission's audit reports (which began with fiscal year 1974) generally contain a brief accountants' report and a set of statements for the fiscal year including: (1) assets and liabilities arising from cash transactions (2) cash receipts, disbursements, and transfers (3) changes in fund balances arising from cash transactions. Several pages of notes help to explain the financial statements. The remainder of a typical report contains schedules of supplementary data. This section usually includes the following: (1) general obligation bond proceeds and construction disbursements (2) general obligation bonds outstanding and (3) operating expenses of administration. The reports generally conclude with an outline of the auditing procedures which the accountants follow.

In addition to the Commission's reports, the audit reports of two state authorities are included in this series because their work comes under the Commission's supervision. The Georgia Education Authority (Schools) and the Georgia Education Authority (University) audit reports have changed in format. Before 1967, reports began with consolidated statements: a balance sheet and a statement of receipts and payments. For each series of revenue bonds (i.e. 1951, 1951A, 1953), the audits include statements of receipts and payments for the reserve fund, the sinking fund, and the construction fund. There are also statements of the bonds outstanding and investments. The construction fund statements usually contain analysis of contracts, payments for architects, engineers, and furniture. Because the two authorities issued many series of bonds before 1973, the reports sometimes have over 200 pages. The statements list each school system or college in alphabetical order.

Reports after 1967 have been much briefer. Audit reports for both authorities after 1967 contain statements of: (1) assets and liabilities arising from cash transactions (2) cash receipts, disbursements, and transfers (3) changes in fund balances arising from cash transactions (4) changes in fixed assets arising from cash transactions. In the notes to these financial statements, the accountants usually include a table of all outstanding authority bonds. Additional information such as construction in place and expenses of administration appears in the schedules. Each authority audit report, like the Financing and Investment Commission reports, closes with an outline of auditing procedures. Because the Financing and Investment Commission and the Education Authorities prepare their statements on the basis of cash receipts and disbursements, some revenue and assets are reported when received instead of when earned. Certain expenses are reported when paid instead of when the obligation is incurred. In their opening remarks, the auditors, therefore, usually state that they have examined the records "in accordance with generally accepted auditing standards," but that these "statements are not intended to present financial position and results of operation in conformity with generally accepted accounting principles."

The Georgia State Financing and Investment Commission ended this series after 1982. For all later accumulation and for numerous duplicate copies of audit reports, see RGSGSERIES 10-1-8 (Official Documents Register). Duplicate copies of audit reports for the Georgia Education Authority (Schools) and the Georgia Education Authority (University) are also in RGSGSERIES 19-2-10 (State Department of Audits, Financial Audits Division--State Agency, University System and Public School System Audit Report File).