Audit committee reviews Bonadio preliminary audit plan and internal audit report; no material weaknesses found

The Niskayuna Central School District audit committee on June 13 heard a preliminary audit plan from Bonadio Group and a draft internal audit risk assessment noting minor exceptions but no material weaknesses.

Kylene Fedcic, principal on the district's audit engagements for Bonadio Group, told the committee the firm will perform a financial statement audit in accordance with government auditing standards and will report on internal controls, compliance and the district's extra classroom activity funds. "We will be expressing an opinion about whether the financial statements are presented fairly in all material respects in accordance with GAAP," Fedcic said, and outlined the firm's responsibilities to report on internal controls, compliance and potential fraud.

Fedcic said the audit schedule includes preliminary field work June 24–25, final field work the week of Aug. 25 and presentation of the financial statements to the audit committee and board in late September or early October, in time to meet the New York State reporting deadline of Oct. 15. She also noted Bonadio will perform a single audit if federal expenditures exceed the $750,000 threshold that requires uniform guidance testing.

In a separate presentation, Michael, the district's internal auditor, summarized an annual risk assessment update and described results of control testing across core functions. "We had minor exceptions that…