Audit Committee October 18, 2005 minutes
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Audit Committee October 18, 2005 minutes

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Poudre School District Audit Committee MINUTES October 18, 2005 Members Present Debbie Bostak, Community Member, Chairperson Ross Cunniff, President, Board of Education Molly Janzen, Controller, Poudre School District Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Terri Sunset, Community Member Nancy Tellez, Member, Board of Education Cheryl Zimlich, Community Member Updates The minutes from the Audit Committee meetings held August 10, 2005 and August 17, 2005 were approved. Questions were raised about whether posting minutes of the Audit Committee meetings is necessary. Minutes need to available but do not need to be posted. Sample and Bailey Preliminary Audit Update Steve Collins updated the Audit Committee on preliminary audit results for fiscal year 2005 as follows: • Fieldwork is substantially complete—it will be about a two-week process to draft and proof the financial statements. • An “exit conference” is scheduled with Dr. Jerry Wilson on October 20, 2005. • The district’s financial statements will incorporate charter school information. Charter schools and the PSD Foundation appear in the district’s statements as discrete component units. Sample and Bailey conduct the audits of the component units. Payment for audit services is made directly by the schools and foundation. • One adjusting entry currently being considered by Sample and Bailey is to possibly increase ...

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Poudre School District Audit Committee MINUTESOctober 18, 2005 Members Present Debbie Bostak, Community Member, Chairperson Ross Cunniff, President, Board of Education Molly Janzen, Controller, Poudre School District Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Terri Sunset, Community Member Nancy Tellez, Member, Board of Education Cheryl Zimlich, Community Member Updates The minutes from the Audit Committee meetings held August 10, 2005 and August 17, 2005 were approved. Questions were raised about whether posting minutes of the Audit Committee meetings is necessary. Minutesneed to available but do not need to be posted. Sample and Bailey Preliminary Audit Update Steve Collins updated the Audit Committee on preliminary audit results for fiscal year 2005 as follows: Fieldwork is substantially completeit will be about a two-week process to draft and proof the financial statements. An “exit conference” is scheduled with Dr. Jerry Wilson on October 20, 2005. The districts financial statements will incorporate charter school information.Charter schools and the PSD Foundation appear in the districts statements as discrete component units. Sampleand Bailey conduct the audits of the component units.Payment for audit services is made directly by the schools and foundation. One adjusting entry currently being considered by Sample and Bailey is to possibly increase the reserve for Workers Compensation in the Insurance Reserve Fund (Fund R). Additional testing was performed on Out-of-State travel expenditures.Suggestions related to this area might appear in the Management Comments. Information will be provided from the district toSite visit testing has been revised. Sample and Bailey electronically.This will provide the means to use some data extraction software to determine areas of interest.Approximately 13 site visits are scheduled that will occur throughout the year. The Single Audit (audit of certain federal governmental programs) has been performed, and no findings are evidenced at this point in time. Preliminary Minutes October 18, 2005 Page 1
Steve updated the Committee on one error that became evident this year.A person who held multiple assignments was overpaid when one assignment that should have been terminated was not.Internal controls are in place to find this type of error. District Audit Update Molly Janzen distributed current balance sheets and income statements for all funds of the district. Sheindicated that many of the funds are still “in-progress.”Molly stated that this year has gone well.Financial information has already been submitted electronically to the Colorado Department of Education, and the first level of edit checks has been passed.While most of the procedures have been consistent with prior years, the establishment of the Poudre Facilities Corporation as a blended component unit is new.This new fund will provide for the accounting of the transactions related to the districts certificates of participation.Final audit information will be presented to the Audit Committee at the November 15, 2005 meeting.Information will be presented to the Board of Education at the meeting held November 28, 2005.The audit must be presented to the Board by November 30 and submitted to the state by December 31. Discussion With Sample and Bailey The Audit Committee had the opportunity to ask Steve Collins about how PSD is doing when Jim Sarchet and Molly Janzen left the room.Steve had positive comments about PSD and the staff in the Accounting Department. Review Audit Committee Board Policy (Draft) The Committee reviewed the proposed Board Policy DIEA (drafted by Tom Crabb).Some changes were made, and the Committee decided to eliminate some information in the board policy but to incorporate the information in the Committees charter.This included information related to terms of members and how meeting shall be conducted.The Committee approved the proposed board policy with the changes discussed. Discuss Key Messages for the Board of Education Debbie Bostak will attend the Board meeting on October 24, 2005, to represent the Audit Committee. Debbiewill describe how the Audit Committee is a result of a request by the Board of Education (she will refer to Insight dated May 18, 2005).She will provide information on the Audit Committees membership and what activities and discussions have occurred to date. Tentative Future Meetings November 15, 2005 January 17, 2005 March 21, 2005 May 16, 2005
Preliminary Minutes October 18, 2005 Page 2