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AUDIT SUMMARIES FYE 11

AUDIT SUMMARIES FYE 11. Mary June King School Business Administrator. INTERNAL AUDIT. Intended to advise primarily on internal controls LCSD hired Ron Finch, secondary benefits of LT experience/advice 5-year plan: FYE10: Assessing Financial Condition State Aid and Grants

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AUDIT SUMMARIES FYE 11

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  1. AUDIT SUMMARIES FYE 11 Mary June King School Business Administrator

  2. INTERNAL AUDIT • Intended to advise primarily on internal controls • LCSD hired Ron Finch, secondary benefits of LT experience/advice • 5-year plan: • FYE10: • Assessing Financial Condition • State Aid and Grants • Cash Receipts and Revenue • Cash Management and Investments • Payroll

  3. Int. Audit, cont • FYE11: • Budget Development and Administration • Accounts Payable • Cash Disbursements • Travel and Conferences • Inventory Controls-Fixed Assets

  4. Int. Audit, cont • FYE12: • Governance and Control Environment • Strategic Planning • Petty Cash • Purchasing • Extra classroom Activity Fund • FYE13 • Facilities Maintenance • Facilities Construction • Student Transportation • Food Service

  5. Internal Audit FYE11 Summary • Budget Development and Administration • Issues related to policy-practice alignment • Most (practice-related) corrected • BOE needs to address: • Size of budget mailer and economies • Accounts Payable • All issues resolved with centralized receiving, new claims auditor, • Cash Disbursements • Deputy Treasurer needs to be other than Superintendent, need increased bonding for Treasurer dept. • Travel and Conferences • Question of policy clarity, BOE (President) approve Superintendent conf, post-conf sharing policy • Inventory Controls-Fixed Assets • Clarification of practices, bus disposal, more asset sampling

  6. EXTERNAL AUDIT • Intended to prepare financial statements, analyze financial health • RFP in FYE08 led to CDLM for FYE08-FYE10 • RFP in FYE11 led to CDLM for FYE11-FYE13 • Regular analysis of all fund balance activity with some practice testing

  7. Ext Audit, FYE11 Summary • Significant deficiencies, current and prior yr • Federal grant time allocation compliance • Special revenue fund receivables • Other Matters • SACCP deficit • Grant carry-overs • Asset software input

  8. EXTRACLASSROOM AUDIT • Traditionally the weakest point in our financial statements and (especially) internal controls • Significant deficiencies : Other matters FYE09 = 1:7 (MS); 5:3 (HS) FYE10 = 1:4 (MS); 2:3 (HS) FYE11 = 1:1 (MS); 1:0 (HS) - Current issues continue to be timeliness of receipt of deposits; one other issue resolved in recent policy adoption.

  9. SUMMARY • Continuous improvement over past three years in internal controls and financial health • Number of “prior year’s resolved” greater than current problems in each of last two years. • Claims audit summary: • In 9 audits, there have been 44 findings, an average of 4 per audit • FYE11 = 8 findings per audit average • FYE10 = 10.5 findings per audit average

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