Do’s & Don’ts for a district’s Clean Audit

BySteve Sanders, CPASanders, Bledsoe & Hewett CPAs,LLP

THE AUDITWhat is it?

Required each year by Statute A Financial Statement Audit

GAGAS, Internal controls and compliance OMB A-133, Federal I/C and compliance

What to expect ? Be there for 1 to 2 days Asks questions, assess risk Run reports

What do I need to do to get ready? Be available, let staff know about audit Have requested items ready Don’t be scared, we’re there to help

Do’s & Don’ts for a Clean Audit

In General Is it a priority, important, care Have already got what it takes (policies

& procedures) Implement Enforce

From the top . . . Down

Internal controls in place, and functioning

COOKIES

Do’s & Don’ts for a Clean Audit

Cash, Investments, Revenue and Appropriations Reconcile bank statements to ledger Reconcile investments to ledger Receipt, code and deposit revenue

daily Appropriations and supplementals Independent verificationDRINKS {soft drinks}

Do’s & Don’ts for a Clean Audit

Purchasing, i.e. PO’s Requisition system Approval signatures Receipt of goods and invoices Issuance of payment Reconciling and closing PO’s

Do’s & Don’ts for a Clean Audit

Minutes Properly posting agenda Sufficient detail, with attachments Follow agenda Take all action in public meeting Members sign minutes

Do’s & Don’ts for a Clean Audit

Federal Programs A file for each program

Application Final approval amount / allocation Final budget Signed claims for reimbursement Expenditure report by project

Do’s & Don’ts for a Clean Audit

Payroll Contracts for all personnel Contracts are signed Contracts are approved by the board Reconcile to earnings report Reconcile the 941’s

Do’s & Don’ts for a Clean Audit

Questions? Comments?

Sanders, Bledsoe & Hewett CPAs, LLP(800) 522-3831