FAC Explorer

Audit 331515

FY End
2024-06-30
Total Expended
$1.04M
Findings
38
Programs
15
Organization: Otto-Eldred School District (PA)
Year: 2024 Accepted: 2024-12-09
Auditor: Buffamante Whipple Buttafaro PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
513590 2024-002 Material Weakness Yes P
513591 2024-002 Material Weakness Yes P
513592 2024-002 Material Weakness Yes P
513593 2024-002 Material Weakness Yes P
513594 2024-002 Material Weakness Yes P
513595 2024-002 Material Weakness Yes P
513596 2024-002 Material Weakness Yes P
513597 2024-002 Material Weakness Yes P
513598 2024-002 Material Weakness Yes P
513599 2024-002 Material Weakness Yes P
513600 2024-002 Material Weakness Yes P
513601 2024-002 Material Weakness Yes P
513602 2024-002 Material Weakness Yes P
513603 2024-002 Material Weakness Yes P
513604 2024-002 Material Weakness Yes P
513605 2024-002 Material Weakness Yes P
513606 2024-002 Material Weakness Yes P
513607 2024-002 Material Weakness Yes P
513608 2024-002 Material Weakness Yes P
1090032 2024-002 Material Weakness Yes P
1090033 2024-002 Material Weakness Yes P
1090034 2024-002 Material Weakness Yes P
1090035 2024-002 Material Weakness Yes P
1090036 2024-002 Material Weakness Yes P
1090037 2024-002 Material Weakness Yes P
1090038 2024-002 Material Weakness Yes P
1090039 2024-002 Material Weakness Yes P
1090040 2024-002 Material Weakness Yes P
1090041 2024-002 Material Weakness Yes P
1090042 2024-002 Material Weakness Yes P
1090043 2024-002 Material Weakness Yes P
1090044 2024-002 Material Weakness Yes P
1090045 2024-002 Material Weakness Yes P
1090046 2024-002 Material Weakness Yes P
1090047 2024-002 Material Weakness Yes P
1090048 2024-002 Material Weakness Yes P
1090049 2024-002 Material Weakness Yes P
1090050 2024-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
10.555 National School Lunch Program $250,701 Yes 1
84.425 Covid-19 - Arp, Esser III $246,835 Yes 1
84.027 Idea, Part B Public Law 94-142 $113,412 - 1
84.010 Title I - Improving Basic Programs $79,506 - 1
10.553 National School Breakfast Program $79,501 Yes 1
93.778 Access - Admin Reimbursement $50,565 - 1
10.555 National School Lunch Program - Non-Cash Assistance $39,588 Yes 1
84.358 Title Vi - Rural Schools $21,562 - 1
10.559 Summer Food Service Program for Children $20,708 Yes 1
10.558 Child and Adult Care Food Program $18,562 - 1
10.555 Covid-19 - National School Lunch Program - Supply Chain Assistance $17,421 Yes 1
84.425 Covid-19 - Arp, Esser III 7% Learning Loss $11,490 Yes 1
84.424 Title IV - Student Support & Academic Enrichment $9,528 - 1
84.367 Title II - Improving Teacher Quality $1,873 - 1
10.649 Covid-19 - Pebt Administrative Costs $653 - 1

Contacts

Name Title Type
MKU1ME1NEVN1 Jodi Flexman Auditee
8148171380 David V. Ditanna, CPA Auditor
No contacts on file

Notes to SEFA

Title: Note 1 Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Otto-Eldred School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Basis of Accounting - The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District's financial report system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Otto-Eldred School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Basis of Accounting - The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District's financial report system.
Title: Note 2 - Non-monetary Federal Program Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Otto-Eldred School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Basis of Accounting - The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District's financial report system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. The accompanying Otto-Eldred School District is the recipient of a non-monetary federal award program. During the year ended June 30, 2024, the District reported in the Schedule of Federal Awards $52,104 of donated commodities at fair market value received and disbursed.
Title: Note 3 - Indirect Cost Rate Accounting Policies: Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Otto-Eldred School District and is presented on the modified accrual basis of accounting. The information in the schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements. Basis of Accounting - The basis of accounting varies by Federal program consistent with underlying regulations pertaining to each program. The amounts reported as Federal expenditures generally were obtained from the appropriate Federal financial reports for applicable program and periods. The amounts reported in these Federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the District's financial report system. De Minimis Rate Used: N Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year. The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance in the current year.

Finding Details

Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.
Finding 2024-002
Adjusting Journal Entries, Required Disclosures and Draft Financial Statements Year ended June 30, 2024 Condition and Criteria: During the current year, adjusting journal entries, along with footnote disclosures were proposed by the auditors and accepted by the District to properly reflect the financial statements in accordance with generally accepted accounting principles. Some of the adjustments and footnotes were related to recording receivables, payables and accruals and converting to the full accrual method for GASB 34 purposes. In addition, the adjustments included adjusting interfund balances. Lastly, the financial statements were drafted by the auditor and accepted by the District. Cause and Effect: AU-C Section 265 entitled Communicating Internal Control Related Matters in an Audit, issued by the American Institute of Certified Public Accounts (AICPA) considers the need for significant adjusting journal entries and assistance when preparing the financial statements to be indicative of an internal control deficiency. Without assistance, the potential exists of the District's financial statement not conforming to GAAP. Auditor's Recommendation: Although auditors may continue to provide such assistance both now and, in the future, under the new pronouncement, the District should continue to review and accept both propsed adjusting journal entries and footnore disclosures, along with the draft financial statements. District's Response: The District has received, reviewed and accepted all journal entries, footnote disclosures and draft financial statements proposed for the current year audit and will continue to review similar information in future years. Further, the District believes it has a thorough understanding of these financial statements and the ability to make informed judgements based on these financial statements.