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Overview of Audits and Reports

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             There are quite a few selections for who perform the audit to consequences are imposed by the granting agency if reports are late or inaccurate. If the report is late, the Principal would receive a letter from the Assistant Superintendent of Finance. This could have an effect on the Principal's Annual Evaluation. This is one reason why the school districts must develop an audit committee. An audit committee ought to be made up of five people who have not had contact with the accounts. The bookkeeper should be accessible to response to questions. The committee is required to talk over the purposes and decisions as a group. Nevertheless who performs the audit, the school should bring together the financial records for the school year. This provision by itself can focus on areas of progress in record-keeping and reporting. .
             The audit should be performed at the end of the school's fiscal year, after the greater part of the school years activities has been finished. Schools may have a small number of checks outstanding, but there should be very little financial activity at this time. An audit is a vital step in handling the school's financial resources and ought to be taken seriously. The audit shows the degree or extent of observance of state and district laws and policies, expresses a professional opinion as to whether the financial statements present fairly the financial condition of the district, examines the adequacy or inadequacy of accounting procedures, provides suggestions to improve the system and gives an official review of the operations of the school system for the period of the audit (Brimley, V., Verstegen, D.A. & Garfield, R. 2012). Set the standard and the audit will become a must-do into the future so that the information to be presented in the report or audit gathered and tracked. The information can be presented as an Excel document that shows the daily collection and disbursement of funds.


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