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Auditor raises $300,000 bank-reconciliation discrepancy; board asks business office for follow-up
Summary
The district auditor reported a June bank reconciliation discrepancy of about $300,000 and recurring control weaknesses; the board requested the business office respond and scheduled the issue for the next meeting.
The independent auditor told the Kensington School District board that year-end bank reconciliations included incorrect balances and recurring documentation issues, including an approximately $300,000 discrepancy on the June reconciliation.
Pam, the auditor, told the board that the June reconciliation "is off by about $300,000," and that the business office had effectively rolled adjustments into July rather than updating the June reconciliation. She said the reconciling statement that accompanied the June closing did not reflect the correct balances and that some reconciliations…
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