The audit of the monetary statements additionally examines the inner controls for monetary reporting and examines the district’s largest federal packages. This 12 months, auditors examined the kid vitamin program and the particular schooling program.
The buying audit was carried out by Webster Rogers. It appears to be like at whether or not the district complies with its buying guidelines.
How does an unbiased auditor charge the entities it audits?
An unbiased auditor gives two main sorts of opinions: unmodified or modified. Unmodified opinions point out that the data have been ready in accordance with the accounting ideas and legal guidelines required. Modified opinions point out that the statements weren’t ready based on accepted accounting ideas and legal guidelines.
There are three sub-types of modified opinions: certified, opposed and a disclaimer. Certified opinions point out that there’s a misstatement within the data however not all through them. Antagonistic opinions point out that the misstatements are made all through. Disclaimer opinions point out that the auditor can’t entry the data it wants to look at.
Monetary reporting audit
Florence One Colleges acquired an unmodified opinion for its monetary reporting.
Tim Lyons of Mauldin and Jenkins introduced the opinion and associated report back to the board at a gathering held Thursday night.