auditor & finance officer trainings kentucky department of education division of district...

Auditor & Finance Officer TrainingsKentucky Department of Education

Division of District SupportJune 2015

KDE Audit ReviewAudited Annual Financial Report

Audited Balance Sheet

Independent Financial Audit Report

On-Behalf Payments

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On-Behalf PaymentsHealth Benefits

Retirement

Technology

Debt Service

KISTA energy savings capital leases

http://education.ky.gov/districts/FinRept/Pages/On-Behalf-Payments-Information.aspx

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Common ErrorsMisclassification 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 ErrorsAFR/Balance Sheet submitted after due date

Multiple AFR/Balance Sheet Submissions

Misclassification of Fund Balance

Missing Audit Adjustment Entries

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AFR/Balance Sheet ErrorsEscrow Fund 310 & Fund 320 in even-

numbered year

Missing/Incorrect On-Behalf Payments

Deficit in other Funds

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Audit Report ErrorsAudit Report submitted after due date

Multiple Audit Report Submissions

Missing Financial Statements

Noncompliant – GASB 54

Noncompliant - GASB 63 & 65

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Audit Report ErrorsNoncompliant – 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

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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

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KDE Audit Resources

Audit Contract Packagehttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audit-Contracts.aspx

Frequently Asked Audit Questionshttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audits.aspx

Important Audit Information for School Districtshttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audits.aspx

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KDE Audit ResourcesFiscal YE Processing BGL-2

http://education.ky.gov/districts/Pages/MUNIS-Guides.aspx

Finance Newsletterhttp://education.ky.gov/districts/FinRept/Pages/Financial%20Management%20Calendar,%20Financial%20Management%20Manual,%20Insurance%20Guidelines,%20Who%20Does%20What%20in%20DDS,%20Finance%20Newsletters.aspx

MUNIS COAhttp://education.ky.gov/districts/FinRept/Pages/Fund%20Balances,%20Revenues%20and%20Expenditures,%20Chart%20of%20Accounts,%20Indirect%20Cost%20Rates%20and%20Key%20Financial%20Indicators.aspx

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KDE ContactsQuestions? 502-564-3846

LaTonya Bell, Branch Manager - Ext. 4418latonya.bell@education.ky.gov

Jaime Rice, Financial Analyst - Ext. 4407jaime.rice@education.ky.gov

Beth Wheeler, Financial Analyst - Ext. 4425beth.wheeler@education.ky.gov

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Questions and Answers

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