Board sets GASB variance threshold for audit reporting
The board approved setting a material-variance threshold for audit reporting consistent with auditor recommendation (25% or $25,000) so future audit variances above that level will be explained in the audit report; the motion passed by voice vote.
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District auditors completed field work in early October and recommended the board set a material-variance reporting threshold under Governmental Accounting Standards Board guidance. Superintendent (S5) said auditors suggested "25% or 25,000 of each appropriated budget line or revenue line" to trigger required explanation in the audit report.
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