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ROCK COUNTY PUBLIC SCHOOLS

Audit Presentation For the Year Ended August 31, 2017. ROCK COUNTY PUBLIC SCHOOLS. DANA F. COLE & COMPANY, LLP. CERTIFIED PUBLIC ACCOUNTANTS. Rock County Public Schools. Auditors’ Report on Financial Statement Unmodified audit report Highest level of opinion

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ROCK COUNTY PUBLIC SCHOOLS

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  1. Audit Presentation For the Year Ended August 31, 2017 ROCK COUNTY PUBLIC SCHOOLS DANA F. COLE & COMPANY, LLP CERTIFIED PUBLIC ACCOUNTANTS

  2. Rock County Public Schools Auditors’ Report on Financial Statement • Unmodified audit report • Highest level of opinion • Means that in our opinion the financial statements are presented fairly in all material respects in accordance with the cash basis of accounting.

  3. Summary of Governmental Fund Balances(Page 7 of the Financial Statements) Fund balances in the governmental funds include all cash, investments, and balances held by the County Treasurer.

  4. Governmental Fund Balance Changes (Summary)(Page 3 of handout and pages 7-8 of the Financial Statements) • The primary cause for the decrease in fund balances of $902,767 was the completion of the building project during the fiscal year. • Overall the Cash and Certificates of Deposit decreased by $758,084 from the prior year while the Cash at the County Treasurer decreased by $144,683.

  5. Governmental Fund Receipts (Summary)(Pages 4 & 5 of the Financial Statements)

  6. Governmental Fund Disbursements (Summary)(Page 4 of the Financial Statements)

  7. Summary of Findings and Responses • We have summarized on pages 40 through 41 our findings. • Segregation of duties • The District has a limited number of personnel in the accounting function, thus limiting its internal control procedures. • We recommend that the District continue to monitor and evaluate its internal controls with the use of limited personnel and provide as much segregation of duties as determined to be feasible within its operations.

  8. Summary of Findings and Responses (continued) • Financial Statement Preparation and Review • The District management is responsible for preparing the financial statements in accordance with the cash basis of accounting. • Management currently relies on the auditor to propose adjustments necessary to prepare the financial statements including the related note disclosures. Management reviews such financial statements and approves all adjustments. We recommend that the District’s management continue to review the audit adjustments and understand the relationship to the underlying data.

  9. General Discussion • Most footnote disclosures are similar in nature to prior year disclosures. • We encountered no difficulties in dealing with management and the staff in performing and completing our audit.

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