Financial Audits

I met with our Superintendent of Finance to answer questions about our annual external audit. Here is how the process works. The auditor is selected through a formal RFQ ( request for qualifications) process. Each firm is rated based on several criteria, and a firm is selected who is considered to be the best selection for our district. The auditor conducts the audit with Generally Accepted Principles for State and Local Governments as outlined in the GASB Statements and Interpretations and FASAB Statements and Interpretations. The GASB is the Government Accounting Standards Board and the FASAB is the Federal Accounting Standards Advisory Board. The auditors are governed by the State of Texas Financial Accountability System . The audit concludes that the financial statements are free of material misstatement, and if they are not, to communicate to management and the Board of Trustees. They also determine if the financial statements present fairly, in all material respects, the respective financial position of governmental activities. The results of the audit are communicated at a Board meeting. The auditor is present and presents his or her findings to the school board. We had our audit very recently and our district received a “Superior” rating from the auditor. Our Superintendent of Finance does a great job with the finances of our district.