POWER LUNCH AUDIT PREPARATION MIKUNDA, COTTRELL & CO. Certified Public Accountants and Consultants 3601 “C” Street, Suite 600 Anchorage, Alaska 99503 (907)

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Presentation transcript:

POWER LUNCH AUDIT PREPARATION MIKUNDA, COTTRELL & CO. Certified Public Accountants and Consultants 3601 “C” Street, Suite 600 Anchorage, Alaska (907)

Problems with Terminology The “Single Audit” for which all of your School Districts are preparing is actually two audits (sometimes three): 1.Financial Statement Audit 2.Single Audit: – Federal – State of Alaska

Basic Tips Prepare a binder in which to include all items initially requested by auditors. – Specify if documents are originals you expect to have returned Understand the purpose of additionally requested items. Once auditors have begun final field work, do not post Journal Entries. – If Journal entries are necessary, coordinate with auditors. Finish on the same page.

Similarities in Different Audits Basic Phases: Risk Assessment Performance Reporting

Financial Statement Audit Risk Assessment Preliminary TB Identify key control procedures and the objectives they meet. Prepare for “Test of Controls”

Financial Statement Audit Performance Reconcile – it’s a matching thing – Bank Reconciliations – Other Balance Sheet and footnote items Does the beginning balance agree with the prior year financials? Detail or ledger reports vs. general ledger – Grants Are all expenses accrued? (including “indirect expense” calculations) Expenditures in the GL vs. grant reports Grant Revenues = grant expenditures – Other revenues Agree beginning fund balance to prior year financials Add up the due to and due from accounts – net to zero Add up transfers in and transfers out – net to zero Watch the 70% rule – obtain a waiver if you don’t meet this

Financial Statement Audit Performance, cont GASB 34 items : Beg + Additions – Deletions = Ending by Function – Capital Assets Cost Accumulated Depreciation – Long-Term liabilities LT debt, including capital leases Accrued Leave – included hours and ending pay rates PERS and TRS – On-behalf Alaska school districts directed to record the full on-behalf in the operating fund Allocate on-behalf expenditures to functions based on covered payroll – follow DEED guidance Provide documentation to DEED – Provide information and supporting documentation related to actual employer and employee contributions

Financial Statement Audit Performance, cont Other commonly requested items – List of checks issued after year end – AP detail by invoice as of year end – Payroll register for pay period including the year end date – Bank and/or Investment statements as of year end and the month following – Inventory: Year end counts Documentation of purchases for the year – Auditor may determine need for other specific information

Single Audit Risk Assessment Prepare and provide supporting documents for Grant Analysis WorksheetsGrant Analysis Worksheets Prepare Federal and State schedules of grant expendituresFederalState Communicate with program managers

Single Audit Performance TB for major program Accessible detail of expenditures for the program Identify key control procedures and the objectives they meet. Copies of granting agency’s “Site Reviews” Communicate with program managers

Reporting What needs to be reported? Financial Statements – Significant deficiencies and material weaknesses in internal control over financial reporting – All instances of fraud and illegal acts unless inconsequential – Material violations of provision of contracts and grant agreements – Material abuse

Reporting What needs to be reported?, cont. Federal and State Single Audit – Significant deficiencies and material weaknesses in internal control over major program compliance – Material noncompliance with the provisions of the major program – “Questioned” costs – Known fraud affecting an award – Material abuse – Status of prior audit findings

"Chance favors the prepared mind." -- Louis Pasteur

Resources Websites: Governmental Accounting Standards Boardwww.gasb.orgwww.gasb.org Government Finance Officers Associationwww.gfoa.orgwww.gfoa.org CFDA.govwww.cfda.govwww.cfda.gov Office of Management and Budgetwww.whitehouse.gov/ombwww.whitehouse.gov/omb American Institute of Certified Public Accountantswww.aicpa.orgwww.aicpa.org Alaska Association of School Business Officialswww.alasbo.orgwww.alasbo.org State of Alaska Department of Education and Early Developmentwww.eed.state.ak.uswww.eed.state.ak.us