Board presentation about types of audits

HALF HOLLOW HILLS SCHOOL DISTRICT of Huntington and Babylon

Board of Education Meeting December 15, 2014 School District Audits

Always under a microscope The District’s finances and operations are put under a microscope by at least three separate auditing firms each and every year

December 15, 2014 Board Meeting – School District Audits

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It’s all about perspective…

We open all our doors to every auditor and welcome them to partner with us

December 15, 2014 Board Meeting – School District Audits

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Ongoing audits internal claims audit Three types of ongoing audits

December 15, 2014 Board Meeting – School District Audits

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Ongoing audits Internal claims auditors approve expenditure vouchers and invoices submitted to the District prior to payment. The claims auditor ensures proper documentation and itemization are provided, that purchases follow all applicable laws and Board Policy and that payment is for proper District purposes.

internal claims audit ongoing audits

December 15, 2014 Board Meeting – School District Audits

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Ongoing audits

ongoing audits

December 15, 2014 Board Meeting – School District Audits

School accountability legislation required all school districts to establish an internal audit function by July 1, 2006, and have it in operation no later than December 31, 2006.

Internal auditors report to the Board of Education and assist them in ensuring that the District’s risks are identified and that appropriate internal controls, procedures and processes are in place to address those risks.

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Ongoing audits

ongoing audits

December 15, 2014 Board Meeting – School District Audits

External auditors are independent accounting and auditing professionals who conduct an in-depth review of the District’s financial records and render an objective opinion as to whether financial statements are presented fairly in accordance with the applicable accounting standards for school districts (Generally Accepted Accounting Principles – GAAP).

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But wait, there’s more…

NYS Comptroller’s Audits

NYS Education Department Audits

Federal Audits

These audits occur based on schedules determined by the individual regulating/auditing agency

December 15, 2014 Board Meeting – School District Audits

A sampling of additional audits NYS Comptroller’s Audits: Periodically examines the fiscal affairs of schools in two general audit areas: (1) internal control audit (reviews and tests policies and procedures to ensure proper use of public resources) and (2) performance audit of a particular program area to assesses efficiencies and potential cost savings

NYS Education Department Audits: Examples include audits of various State Aid areas, grants, student data collection, instructional programs and special education

December 15, 2014 Board Meeting – School District Audits

Federal Audits: Examples include civil rights audits and audits of Federal grants