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GRPS finance staff brief board on annual audit process; district retains unmodified opinions
Summary
Grand Rapids Public Schools finance staff reviewed the district's annual audit process, reporting a five-year run of unmodified audit opinions, one prior finding in food service with corrective action, upcoming implementation of GASB 101 and a new arrangement for external auditors to prepare the district's financial statements.
Miss Cribbs, a Grand Rapids Public Schools finance staff member, gave a high-level briefing on the district's annual audit process at a board work session, noting the state requires annual audits and that final reports are due to the state and publicly posted by Nov. 1.
The presentation explained why the district is audited, the audit timeline and scope, and recent results. "Why do we do audits? It's a state requirement that we must be audited at least annually," Cribbs said, adding that the audit must be performed by a certified public accountant and the results are filed in the state's financial information database (FID) with CEPI.
Cribbs said auditors typically begin systems testing in July, return after Labor Day for balance testing, and aim for about two weeks of field work. Auditors issue three…
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