An Auditor’s Perspective

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Presentation transcript:

An Auditor’s Perspective Jeani Allen, CPA, CIA, CFE Director of Internal Audit

Types of Audits Financial Audits Compliance Audits Operational Audits IT Audits Investigative Audits Other Service

Financial Oversight The charter school board has the ultimate responsibility for the financial viability of the charter school. DPI as well as the general public rely on the board to provide adequate oversight. Three main responsibilities: Goals Policies Controls

Investigations Charter schools are subject to investigation by: External auditor Department of Public Instruction Office of State Budget & Management Office of State Auditor US Department of Education

Analysis of Financial Data Expectations - be prepared Variances – ASK why? Budget to Actual Reports Differences – ASK why? Period to Period Comparisons YTD or Quarter to Quarter Unexpected changes – ASK why? Benchmarking

Practice Exercise Analyze sample financial statements provided. With your table come up with at least 5 questions related to the financial analysis. Brainstorm possible explanations for the questions you have. 10 minutes…ready, set, GO!

Professional Skepticism Don’t believe everything you hear. Ask questions!