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Auditor & Finance Officer TrainingsKentucky Department of Education
Division of District SupportJune 2015
KDE Audit ReviewAudited Annual Financial Report
Audited Balance Sheet
Independent Financial Audit Report
On-Behalf Payments
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On-Behalf PaymentsHealth Benefits
Retirement
Technology
Debt Service
KISTA energy savings capital leases
http://education.ky.gov/districts/FinRept/Pages/On-Behalf-Payments-Information.aspx
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Common ErrorsMisclassification of Fund Balance
Deficit in other Funds
SFCC Escrow entries in even-numbered fiscal year
Missing/Incorrect On-Behalf Payments
Missing Audit Adjustments 4
AFR/Balance Sheet ErrorsAFR/Balance Sheet submitted after due date
Multiple AFR/Balance Sheet Submissions
Misclassification of Fund Balance
Missing Audit Adjustment Entries
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AFR/Balance Sheet ErrorsEscrow Fund 310 & Fund 320 in even-
numbered year
Missing/Incorrect On-Behalf Payments
Deficit in other Funds
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Audit Report ErrorsAudit Report submitted after due date
Multiple Audit Report Submissions
Missing Financial Statements
Noncompliant – GASB 54
Noncompliant - GASB 63 & 65
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Audit Report ErrorsNoncompliant – Clarity Standards
Missing On-Behalf Payments from Notes disclosure
Schedule of Findings & Questioned Costs – missing findings
Financial Statements and Notes to the Financial Statements did not correspond/agree
Prior FY’s A-133 Desk Review findings included
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Audit Report Errors
Pages did not foot or match other pages
Total Net Position in the Statement of Net Position and the Statement of Activities did not agree
Total Fund Balance in the Balance Sheet and the Statement of Revenues, Expenditures and Changes in Fund Balance did not agree
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KDE Audit Resources
Audit Contract Packagehttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audit-Contracts.aspx
Frequently Asked Audit Questionshttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audits.aspx
Important Audit Information for School Districtshttp://education.ky.gov/districts/FinRept/Pages/District-Financial-Audits.aspx
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KDE Audit ResourcesFiscal YE Processing BGL-2
http://education.ky.gov/districts/Pages/MUNIS-Guides.aspx
Finance Newsletterhttp://education.ky.gov/districts/FinRept/Pages/Financial%20Management%20Calendar,%20Financial%20Management%20Manual,%20Insurance%20Guidelines,%20Who%20Does%20What%20in%20DDS,%20Finance%20Newsletters.aspx
MUNIS COAhttp://education.ky.gov/districts/FinRept/Pages/Fund%20Balances,%20Revenues%20and%20Expenditures,%20Chart%20of%20Accounts,%20Indirect%20Cost%20Rates%20and%20Key%20Financial%20Indicators.aspx
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KDE ContactsQuestions? 502-564-3846
LaTonya Bell, Branch Manager - Ext. [email protected]
Jaime Rice, Financial Analyst - Ext. [email protected]
Beth Wheeler, Financial Analyst - Ext. [email protected]
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Questions and Answers
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