2013-2014 Financial Audit

2013-2014 Financial Audit
Posted on 12/18/2014
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On an annual basis, Fox C-6 School District hires an independent audit firm to conduct a financial audit of the District’s books and records.  Daniel Jones & Associates was the independent certified public accounting firm that performed the audit for the year ended June 30, 2014.  A copy of the audit report can be found here.

A financial audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.  An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

The year’s audit report expresses an “unmodified” opinion (aka: “clean” or “unqualified” opinion), which is the highest form of opinion that can be granted by an auditor.  Basically, as a result of the audit procedures the audit firm is providing reasonable assurance the District’s financial statements are free of material misstatement.

While the financial statements are presented fairly, full disclosure requires acknowledgement there were instances where internal financial controls failed to prevent certain inappropriate transactions during the 2013-2014 school year.  These include: misuse of credit cards as previously reported publically; spending in excess of limits established for travel related expenditures as previously reported publically, and management override of certain policies or directives from the Board of Education. 

The negative report of internal control failures during 2013-2014 must be followed with a positive report that incoming management has implemented numerous changes in procedure to re-establish proper internal controls for the purpose of preventing a re-occurance.

The district’s audit history can be found on the www.fox.k12.mo.us website under “Board of Education” > “Board Documents” > “District Audit” or by clicking here.

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