As required by Colorado statutes, the Library Board of Trustees is required to cause an annual audit to be made of the Library District’s financial statements for each fiscal year. The financial statements shall be prepared in accordance with generally accepted accounting principles (GAAP) and audited by an independent licensed Certified Public Accountant. The auditor expresses an opinion as to whether the financial statements present fairly the Library District’s financial position, changes in net assets, and if the financial statements are free of material misstatement.