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Ontario SD 8C board approves 2023–24 financial audit after auditors note three findings
Summary
Board accepted the 2023–24 audit, which identified three findings tied to prior-year reporting, trial-balance cutoff dates and a $2,400 federal grant posting error; the district says it will adopt procedural fixes and continue with a new audit firm.
The Ontario SD 8C School District board approved the 2023–24 financial audit during its regular meeting, accepting an audit report that included three formal findings and a district plan of action to address them.
District business staff told the board the audit identified: (1) a construction-in-progress amount from the 2022–23 year that was omitted from that year’s summary and required an adjustment; (2) timing and cutoff issues in the accounting trial balance, because some invoices for services performed before June 30 were recorded after that date; and (3) a $2,400 misclassification on a federally funded grant that had been recorded as indirect costs rather than as an expense. The district said the $2,400 error was small in dollar terms but flagged because it affected a federal program.
Why it matters: audit findings can trigger corrective accounting entries, increase administrative work and affect how the district documents internal controls. At the meeting district staff described a set of straightforward fixes — running trial-balance reports through Sept. 30 to capture late invoices, tying grant spreadsheets to the accounting system for cross-checks, and strengthening reconciliation procedures — and characterized the items as procedural rather than structural.
District staff also recounted a recent change in audit firms. The longtime auditor fell behind on completing multiple years of audits during and after the COVID era; staff said that delay likely cost the district interest (they estimated “a little under $200,000” in interest costs) and that the district moved to a new firm after an open procurement. The new auditors have begun preliminary work and the district expects field work and final reports on a more timely schedule.
Board action and next steps: A board member moved and seconded a motion to accept the 2023–24 audit; the motion passed. The business manager described the corrective measures the district will implement and said staff will monitor the new auditor’s progress and return to the board with status updates if additional issues arise.
The board discussion included frustration with the prior auditor’s delays and a desire to avoid similar timing problems in the future. Staff said many corrective steps are procedural and will be completed before the next audit cycle.
