Analysis Of The Legislative Joint Auditing Committee Audited

Summary of District Audit In 2015, the Legislative Joint Auditing Committee audited Hector School District. In the Summary of Auditor’s Results and Financial Statement Findings, the auditors did indicate a material weakness in internal control. Here, the specific requirement noted that management is where the responsibility falls for implementing sound accounting policies and maintaining internal control over financial procedures that are consistent with their own assertions found in the financial statements. The stated condition for this material weakness was that the district failed to segregate financial duties among qualified employees. Instead, one sole employee was in charge of all of the financial accounting duties. Thus, the school†¦show more content†¦The district agreed with their recommendation and stated they would implement any possible corrective procedures. In addition, several useful figures were reported in the 2015 audit of Hector School District. The total income reported for the 2015 school year was $6,061,697. The total expenditures reported for the district was $5,459,498. Of the $6,061,697 total revenue reported, the district received $813,211 in federal revenue. Finally, $2,891,693 was spent for instruction, which includes regular programs, special education, career education programs, compensatory education programs, and other instructional programs. Reflective Summary Participating in this assignment provided me much new insight into the general subject of the management of school funds. From reading the audit, I learned that I could get a fair, professional view of my school district’s financial standing. I can see now how going through the process of an audit and reading the results and recommendations can only help the administration, and thus the school. It makes sense that our school board and administration base many of their financial decisions off of our audits because they give a true and fair view of the school’s financial status. Plus, I learned how our school can use this information to correct any deficiencies,