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10 Cards in this Set
- Front
- Back
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What does section41020 of the Education Code mention about audits?
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All school districts will be audited annually to assure that sound fiscal management practices exist.
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Who is eligible to perform the annual audit?
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Only licensed CPA's
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What effect does an effective audit have?
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It adds credibility to the district's financial sttements in the eye of creditors, bankers, investors, and others.
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When is the deadline for contracting for an annual audit.
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April 1
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When must the audit for the previous fiscal year be filed?
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December 15
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What are the objectives of the audit?
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provides a fair and reasonably complete picture of the district's financial state of affairs
to see if there is effective control over and a proper accounting for revenues, expenditures, assets, and liabilities to report and claim to the state and fed. government, accurate and reliable data to see if state and federal funds have been spent in accordance with the terms and regulations of these programs ***the annual audit is not intented to uncover every minor erro, only major and consistent problems |
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What are some of the documents auditors look at to assist them with the audit?
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financial records
board minutes]organizational charts contracts equipment inventory personnel changes grant agreements |
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Name the three types of auditors opinions and explain what they mean?
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unqualified - no specific deviations were noted from generally accepted acounting practices
qualified - some problems exists with financial records in the district no opinion - district records are poor, or even nonexistent |
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Who are the members of a district audit committee?
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reps from the business staff
board members CBO community members public accountant banker/financial advisor |
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What is the purpose of a district audit committee?
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reduce costs
ensure prudent supervision of district's finances |
