1 A U D I T S U B C O M M I T T E E M E E T I N G P R E S E N T E - - PowerPoint PPT Presentation

A U D I T S U B C O M M I T T E E M E E T I N G

P R E S E N T E D T O : S W E E T W A T E R U N I O N H I G H S C H O O L D I S T R I C T A U D I T S U B C O M M I T T E E P R E S E N T E D B Y : D R . A L B E R T G . A L T C H I E F F I N A N C I A L O F F I C E R M S . F R A N C E S M A R T I N E Z I N T E R N A L A U D I T O R

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June 19, 2013 Audit Subcommittee Presentation

District Delta:

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June 19, 2013 Audit Subcommittee Presentation

Fiscal Stability:

 Three Key Components:

I.

Well-defined and understood budget development process

II.

Regular on-going budget monitoring and reporting

• III. Year-end close activities including the Financial Audit

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June 19, 2013 Audit Subcommittee Presentation

Financial Audit:

 Serves multiple purposes:

 Used for the purposes of evaluating internal controls and systems  Evidences good stewardship of the taxpayers money  Opportunity to evidence District’s financial stability to internal and

external stakeholders

 Examples of evidence to external stakeholders:

http://www.guhsd.net/index.php/component/docman/cat_view/41- business-services/143-budget-and-financial-information/147-reports- letters-and-overviews/148-audited-financial-reports http://www.cvesd.org/DISTRICT/Pages/services.aspx

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June 19, 2013 Audit Subcommittee Presentation

Best Practices:

 Audit Committee is identified as a “best practice” by many

• rganizations:

 Endorsed by National Association of Chief Business Officers  Endorsed by Institute of Internal Auditors

 Researched and documented:

 AGA Corporate Partner Advisory Group Research:

 http://www.agacgfm.org/AGA/Documents/Research/CPAG_No17-1-.pdf

 Government Financial Officers Association (GFOA):

 http://www.gfoa.org/index.php?option=com_content&task=view&id=1451

 American Institute of CPAs:

 http://www.aicpa.org/InterestAreas/BusinessIndustryAndGovernment/Resources/Government

ResourceCenter/DownloadableDocuments/GovAccBrief July 20 09.pdf

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June 19, 2013 Audit Subcommittee Presentation

Purpose and Benefits of Audit Committee:

 GFOA recommends; “The governing body of every state

and local government should establish an audit committee or its equivalent”

 Provides forum outside of management  Ensures adherence to system of internal controls  Ensures independence of auditors (internal and external)

 American Institute of CPAs; “The implementation of audit

committees by government entities both enhances financial transparency and controls…”

 Activities that ensure independence is maintained

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June 19, 2013 Audit Subcommittee Presentation

Internal Auditor Role:

 Independent review of control systems, policies,

procedures

 Liaison with all audits  Coordinates contract audit/external auditors  Training

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June 19, 2013 Audit Subcommittee Presentation

High Risk Areas:

 Cash handling/distribution

 ASB  Principals Reports  Bus Passes  Nutrition  Commercial Warrants

 Compliance

 Instructional Minutes  Fixed Asset Inventory  Special Audits/requests

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June 19, 2013 Audit Subcommittee Presentation

Draft Schedule:

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June 19, 2013 Audit Subcommittee Presentation

Task Due Date Responsible Party Completed Audit Committee Orientation June Alt/Martinez June 19, 2013 Audit Committee Training 1st Quarter Alt/Martinez Audit Review 2nd Quarter Alt/Martinez Acceptance of Audit 3rd Quarter Alt/Martinez Audit Planning/Review 4th Quarter Alt/Martinez

District Delta:

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June 19, 2013 Audit Subcommittee Presentation

A U D I T S U B C O M M I T T E E M E E T I N G

P R E S E N T E D T O : S W E E T W A T E R U N I O N H I G H S C H O O L D I S T R I C T A U D I T S U B C O M M I T T E E P R E S E N T E D B Y : D R . A L B E R T G . A L T C H I E F F I N A N C I A L O F F I C E R M S . F R A N C E S M A R T I N E Z I N T E R N A L A U D I T O R

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June 19, 2013 Audit Subcommittee Presentation