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10 Cards in this Set

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  • Back
What does section41020 of the Education Code mention about audits?
All school districts will be audited annually to assure that sound fiscal management practices exist.
Who is eligible to perform the annual audit?
Only licensed CPA's
What effect does an effective audit have?
It adds credibility to the district's financial sttements in the eye of creditors, bankers, investors, and others.
When is the deadline for contracting for an annual audit.
April 1
When must the audit for the previous fiscal year be filed?
December 15
What are the objectives of the audit?
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
What are some of the documents auditors look at to assist them with the audit?
financial records
board minutes]organizational charts
contracts
equipment inventory
personnel changes
grant agreements
Name the three types of auditors opinions and explain what they mean?
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
Who are the members of a district audit committee?
reps from the business staff
board members
CBO
community members
public accountant
banker/financial advisor
What is the purpose of a district audit committee?
reduce costs
ensure prudent supervision
of district's finances