Auditor & Finance Officer Trainings Kentucky Department of Education Division of District Support June 2015
KDE Audit Review Audited Annual Financial Report Audited Balance Sheet Independent Financial Audit Report On-Behalf Payments 2
On-Behalf Payments Health Benefits Retirement Technology Debt Service KISTA energy savings capital leases Information.aspx 3
Common Errors Misclassification of Fund Balance Deficit in other Funds SFCC Escrow entries in even-numbered fiscal year Missing/Incorrect On-Behalf Payments Missing Audit Adjustments 4
AFR/Balance Sheet Errors AFR/Balance Sheet submitted after due date Multiple AFR/Balance Sheet Submissions Misclassification of Fund Balance Missing Audit Adjustment Entries 5
AFR/Balance Sheet Errors Escrow Fund 310 & Fund 320 in even-numbered year Missing/Incorrect On-Behalf Payments Deficit in other Funds 6
Audit Report Errors Audit Report submitted after due date Multiple Audit Report Submissions Missing Financial Statements Noncompliant – GASB 54 Noncompliant - GASB 63 & 65 7
Audit Report Errors Noncompliant – Clarity Standards Missing On-Behalf Payments from Notes disclosure Schedule of Findings & Questioned Costs – missing findings Financial Statements and Notes to the Financial Statements did not correspond/agree Prior FY’s A-133 Desk Review findings included 8
Audit Report Errors Pages did not foot or match other pages Total Net Position in the Statement of Net Position and the Statement of Activities did not agree Total Fund Balance in the Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balance did not agree 9
KDE Audit Resources Audit Contract Package Contracts.aspx Frequently Asked Audit Questions Important Audit Information for School Districts 10
KDE Audit Resources Fiscal YE Processing BGL-2 Finance Newsletter ndar,%20Financial%20Management%20Manual,%20Insurance%20Guidelines,%20 Who%20Does%20What%20in%20DDS,%20Finance%20Newsletters.aspx MUNIS COA 20and%20Expenditures,%20Chart%20of%20Accounts,%20Indirect%20Cost%20Rat es%20and%20Key%20Financial%20Indicators.aspx 11
KDE Contacts Questions? LaTonya Bell, Branch Manager - Ext Jaime Rice, Financial Analyst - Ext Beth Wheeler, Financial Analyst - Ext
Questions and Answers 13