Frequently Asked Questions (FAQs)
Important Change relative to FY20 Audit Contracts
1) Are we required to mail a copy of the contact to KDE?
Due to COVID-19, KDE will accept a scanned copy (in color) of the signed
audit contract, most recent peer review report, any letter of response (if applicable), and the acceptance letter, to the following e-mail address:
Finance.Reports@education.ky.gov with the “DISTRICT NAME AUDIT CONTRACT DOCUMENTS” in the subject line (SUBJECT: DISTRICT NAME AUDIT CONTRACT DOCUMENTS).
This is due to KDE on or before May 29th.
2) The Governmental Accounting Standards Board (GASB) on April 15 proposed to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later. This would include Statement No. 84,
Fiduciary Activities. What are KDE's thoughts?
We are hoping districts will have begun implementing procedures since this has been in the works for over a year and had no way to predict the current shut-down status of most buildings and possible access to records. We encourage Kentucky districts to utilize the new special revenue accounts mentioned in the contract for 2019/2020. Even though not a requirement now for 19/20 financial audits, the
Exposure Draft continues the encouragement of early implementation, which is important to governments that already have implemented some of those provisions or intend to proceed with implementation under the original effective dates.
M. Nicole Vanover
Branch Manager, District Financial Management Branch
Division of District Support, Office of Finance and Operations
300 Sower Blvd,
Frankfort KY 40601
(502) 564-3846 ext. 4443