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Contract CFO outlines audit findings: 83 journal entries, grant-reporting gaps and need for full-time finance roles
Summary
Contract CFO Courtney Krauch told the board the district's independent audit flagged dozens of journal entries and material control weaknesses, including unreported grants and receivables that may total more than $1.6 million. The board discussed hiring a permanent CFO, segregating finance duties and possibly commissioning a forensic audit.
The Woodland Park School District RE-2’s contract chief financial officer, Courtney Krauch, briefed the board on an independent audit that the district filed with the state and described a series of significant findings that the district must correct.
Krauch said the audit submission process used the Colorado Department of Education data pipeline and that the auditors identified 83 journal entries requiring correction; by comparison the prior year showed fewer such items. She told the board the independent auditors had flagged 16 material issues and multiple areas where the district’s grant reporting, revenue recognition and receivable records were incomplete or could not be substantiated.
Krauch summarized…
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