Audit Committee May 16, 2006 minutes

Audit Committee May 16, 2006 minutes

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Poudre School District Audit Committee MINUTES May 16, 2006 Members Present Debbie Bostak, Community Member, Chairperson Molly Janzen, Controller, Poudre School District Terri Sunset, Community Member Larry Neal, Member, Board of Education Cheryl Zimlich, Community Member Updates • The Audit Committee approved the minutes for the meeting held March 21, 2006. • Vicki Sweet from Sample and Bailey distributed a tentative calendar containing preliminary dates and a timeline of tasks for the upcoming audit for Fiscal Year 2006. Vicki Sweet discussed with the Audit Committee the steps Sample and Bailey take to initiate the process. o First step would be to sit down with Molly Janzen and others in the district to update internal control policies and documentation related to systems. o Set up a time in early Septmeber to test the payroll systems, disbursements, bank reconcilitations, and talk to Molly Janzen and Jim Sarchet and Superintendent and other employees in the district to see if there are other areas of concern. o During this time frame Sample and Bailey will come up with their audit plan. o In August, the Charter Schools audit take place. PSD audit will take place once the Charters Schools audit is substantially complete. o Generally, field work starts about mid September and is usually completed by mid October, at that point, Sample and Bailey will start looking at the CAFR and the financial statements. o In terms of single ...

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Preliminary Minutes
May 16, 2006
Page 1
Poudre School District Audit Committee
MINUTES
May 16, 2006
Members Present
Debbie Bostak, Community Member, Chairperson
Molly Janzen, Controller, Poudre School District
Terri Sunset, Community Member
Larry Neal, Member, Board of Education
Cheryl Zimlich, Community Member
Updates
The Audit Committee approved the minutes for the meeting held March 21, 2006.
Vicki Sweet from Sample and Bailey distributed a tentative calendar containing
preliminary dates and a timeline of tasks for the upcoming audit for Fiscal Year 2006.
Vicki Sweet discussed with the Audit Committee the steps Sample and Bailey take to
initiate the process.
o
First step would be to sit down with Molly Janzen and others in the district to
update internal control policies and documentation related to systems.
o
Set up a time in early Septmeber to test the payroll systems, disbursements, bank
reconcilitations, and talk to Molly Janzen and Jim Sarchet and Superintendent and
other employees in the district to see if there are other areas of concern.
o
During this time frame Sample and Bailey will come up with their audit plan.
o
In August, the Charter Schools audit take place. PSD audit will take place once
the Charters Schools audit is substantially complete.
o
Generally, field work starts about mid September and is usually completed by
mid October, at that point, Sample and Bailey will start looking at the CAFR and
the financial statements.
o
In terms of single audit, programs are generally tested on a two year rotation, the
requirement is that all major programs be tested every three years. Last year,
major programs tested were Title I, National School Lunch, and the Department
of Education Counseling Grant.
o
As far as major funds, which are presented individually in the CAFR, generally
they do not change much from year to year. Fiscal Year 2005 funds were General
Fund, Debt Service Fund, Capital Projects Fund, and Food Service Fund.
Vicki Sweet provided a copy of Sample and Bailey engagement letter to the Audit
Committee for Fiscal Year 2005-2006. Sample and Bailey will include the engagement
letter for EAS and other site visits at the entrance conference.in August. EAS visits are
semi-annual and site visits are throughout the year.
Vicki Sweet provided the Audit Committee with resources related to Whisleblower
policies.
Preliminary Minutes
May 16, 2006
Page 2
Cheryl Zimlich contacted Steve Collins from Sample and Bailey regarding second
partner review. Atrtached are comments from from Steve Collins via email.
The Audit Committee discussed end-of- month closing and end-of- year closing
procedures with Molly Janzen.
Deb Boileau distributed findings from other districts related to auditor fees, auditor
sercvices, and how many years auditors are retained.
Debbie Bostak distributed the Charter Matrix. The Audit Committee will use this matrix
as a tool and checklist throughout the year.
The Audit Committee discussed the Audit Committee calendar.
The Audit Committee would like to have two meetings in August. First meeting would be
to meet with the Auditors, and the second meeting would be to discuss other items.
Retain Auditor 05-06-no second partner review
January discussion-RFP 06-07
Possible second partner review 06-07
Internal Control Audit Review-Section 404???
Molly Janzen distributed the Fiscal Management Summary March 2006.
Discussion took place about the Bookkeeper at Rocky Mountain High School.
Action Items
Debbie Bostak will attend the Board Meeting June 12, 2006, to reccommend to the Board
to retain Sample and Bailey. If the Board accepts the recommendation of the Audit
Committee to retain Sample and Bailey, the Audit Committee would like Dr. Wilson to
sign the engagement letter.
The Audit Committee will address the second partner review in August.
Vicki Sweet will provide the Audit Committee with new Accounting standards and laws
in July.
Larry Neal will contact CASB to attend the September Audit Committee meeting and
discuss audit guidelines, process of audit, policy level, and what a typical audit consists
of.
Tentative Future Meetings- No discussion