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

1. Do’s & Don’ts for a district’s Clean Audit By Steve Sanders, CPA Sanders, Bledsoe & Hewett CPAs,LLP

2. THE AUDIT What 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

3. 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

4. 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 verification DRINKS {soft drinks}

5. 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

6. 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

7. 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

8. 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

9. Do’s & Don’ts for a Clean Audit Questions? Comments? Sanders, Bledsoe & Hewett CPAs, LLP (800) 522-3831