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WAC Assignment Group 3 (2)

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16 views

WAC Assignment Group 3 (2)

Uploaded by

Aarush Jain
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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MOM

Audit Committee Meeting

Present

Katie Wessling (The Audit Committee Chairperson)

Alisha Barnum (Audit Manager)

Jeff Winter (partnered with Reuban Brown)

Victoria Glaspy (Director of Grants and Compliance)

Ronnie Martindale (Interim Physical Control Director)

Kelvin Adams

Melissa McCabe (Audit manager)

Ami Boehlje (Volunteer for this Committee)

Angie Banks (Chief Financial Officer and the Treasurer)

Pamela Bell (Executive Assistant to Dr. Kelvin Adams)

Introduction: Firstly, the new members were asked to introduce themselves, state their
departments and skills.

Purpose: The audit meeting was set for St. Louis Public School and the purpose of the meeting was
to start off with the audit with the governing body, the audit committee and discussing the
preliminary plan to conduct the audit.

-They will be working remotely majority of the time.

- Will discuss about the areas of focus and preliminary risk.

-They are responsible for the financial kaffir preparation assistance and the single/compliance audit.

Alisha Barnum: Anticipated major programs- child nutrition cluster, cares act elementary and
secondary school emergency release funds, as well as the type B program, whereas, the third
depends on the fifa.

 Is responsible for the Issuance of reports on compliance.


 Conduction of an audit in accordance to Generally Accepted Auditing Standards &
Governmental Auditing Standards.
 No assurance of identification of any deficiencies, internal controls; it is the management’s
responsibility.
 Field work for single audit testing- week of September 7
 Draft of financial Statement and compliance report -Week of November 18
 Final draft for the review- week of December 4
 Final issuance of the financial statements and compliance report- 25th December

Jeff Winter: Explained the final risk relates to capital asset impairments; this area is very complex
and thus this is a significant risk.
-When there was a turnover at a high level for those who were responsible for preparing and
working with the auditors, there could have been a delay in the timeline.

-The timeline that was put together was based on the previous year when they had adequate
staffing and the information they were getting, was timely and accurate.

Between now and the beginning of middle September is the time for the school to get ready for the
audit and reconcile the accounts.

The tentative start date is 7th September.

Alisha Barnum: Explained how it is important to Create a detailed agenda for the meeting that
considers each member's availability and includes a review of previous activities. Effective
organizational management involves dividing responsibilities and collaborating to scan data.

- A systematic approach to learning about additional staff and policies.


- They discussed financial resources according to importance.

Melissa McCabe: She gave a concise summary of the order. For the district, two standards were put
into practice. According to Standard 84, fiduciary activities must be reported. The revision and
clarification of the different fiduciary funds and their financial reporting as well. She also mentioned
a point wherein student funds would be diverted into a governmental fund.

- Standard 87 to offset leases.

Jeff Winter: Explains that the government and the accounting standard board gives a lead time in
inventory analysis and action and preparation and these standards are to be implemented in the
beginning of the fiscal year and not the end.
Angie Banks: A presentation was sent to the board that provided the data for the previous year from
11th August, to the present day which summarized their position as of early August.
- The majority of the funds have been spent on the salaries and employee benefits
- The presentation also shows the money that has been spent and the revenue that has been
earned throughout the year.
- Shows the adopted budget for the current fiscal year and that was approved by the board
for revenues and expenditures.
Next: The team will move to the executive session.

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