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Results of KDE Financial Statement/Audit Analysis

Results of KDE Financial Statement/Audit Analysis. June 12-13, 2013. LaTonya Bell Branch Manager, Division of District Support Kentucky Department of Education l atonya.bell@education.ky.gov 502-564-3846. KDE Financial Stmt/Audit Analysis. Resources:

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Results of KDE Financial Statement/Audit Analysis

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  1. Results of KDE Financial Statement/Audit Analysis June 12-13, 2013

  2. LaTonya Bell Branch Manager, Division of District Support Kentucky Department of Education latonya.bell@education.ky.gov 502-564-3846

  3. KDE Financial Stmt/Audit Analysis • Resources: • Audited FY2012 AFR and Balance Sheet • FY2012 Independent Financial Audit Report • KDE’s FY2012 Review Report • Frequently Asked Audit Questions http://education.ky.gov/districts/FinRept/Pages/District-Financial-Audits.aspx

  4. Common Problems Found by KDE • Audit Reports/AFRs did not reconcile – Misclassifications of fund balances, sick leave • Audit Report pages did not foot or match other pages • Statement of Activities - revenues • Unreported Debt Service Funds • On-Behalf Payments

  5. AFR/Balance Sheet Problems • AFR submitted after due date • Missing/Incorrect On-Behalf Payments • Misclassification of Fund Balance • Deficit in other Funds • Sick Leave reporting – committed vs. restricted

  6. Audit Report Problems • Audit submitted after due date • Missing On-Behalf Payments from Notes disclosure • Fund Balance amounts on the Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balance did not agree • Revenues not reported properly in the Operating and Capital Grants & Contributions columns of the Statement of Activities • Inconsistencies in recording Cash Overdraft

  7. Audit Report Problems • Total Fund Balance reported as Total Liabilities and Fund Balance on the Reconciliation of the Balance Sheet to the Statement of Net Assets • Total Liabilities reported as Net Assets on the Statement of Changes in Fiduciary Net Assets • Discrepancies between the Total Net Assets in the Statement of Net Assets and Statement of Activities

  8. KDE Contacts Jeffrey Coulter, Financial Analyst jeffrey.coulter@education.ky.gov Ken Smith, Financial Analyst ken.smith@education.ky.gov Melissa Sullivan, Financial Analyst melissa.sullivan@education.ky.gov Pari Ziebart, Graduate Accountant pari.ziebart@education.ky.gov 502-564-3846

  9. Questions and Answers

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