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

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

3. 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

4. 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

7. 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

8. 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!

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