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District auditor outlines audit steps, flags ESSER wind-down and dipping fund balances
Summary
External auditors described the district audit process, told the board they must assess internal controls and compliance, and flagged two statewide concerns: maintenance-of-effort tests as ESSER funds end, and a noted decline in total and unassigned fund balances.
The board received an overview of the district’s financial audit process and a high-level assessment of areas auditors will monitor this year, including carryover effects from federal ESSER funding and changes in fund balances.
The auditor described standard audit phases — risk assessment, field work and reporting — and stressed that management is responsible for preparing financial statements in accordance with generally accepted accounting principles (GAAP). The presenter said auditors must “maintain…
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