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GRPS finance office briefs board: annual audit process, single-audit rules, one food-service finding
Summary
Finance director Miss Cribbs told the board the district’s financial statements are prepared under GAAP, audit results and FID reporting are due Nov. 1, and that while GRPS has an unmodified opinion, a prior food-service control lapse generated a corrective action plan.
Miss Cribbs, the district finance staff lead, gave a high-level briefing on the annual audit process, telling the board audits are a state requirement performed by a certified public accountant and that ‘‘the information is due to the state by November 1, and they have to be available to the public.’’
She said auditors normally perform systems testing in July, return after Labor Day to test balances and tie out assets and liabilities, and complete field work in roughly two weeks. Auditors deliver three principal documents: a report to the Board…
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