District Financial Reporting

District Financial Audits

Published: 12/3/2018 1:44 PM
Local school districts are audited annually by independent certified public accountants (CPA's).  This webpage contains valuable information that can be used to assist district Finance Officers and their Independent Auditors in performing the annual review of local school district financials.
 
2018 KDE Finance Officer & Auditor Workshops
The workshop agenda and training materials and videos are listed below.

Administrative Expenditures House Bill 200 Video - Steve Lyles & Kristin Lambert, KDE
Audit Accessibility Video - Dwight Lewis, KDE
Per Pupil Expenditures ESSA Video - Jessi Carlton & Chay Ritter, KDE
Munis Blog/KRS 424.250 Video - Kristin Lamber & Chay Ritter, KDE
Updating Redbook/GASB 84 Video - Steve Lyles, KDE 
 
Financial Audit Report Information
KDE has provided some helpful documents below to assist districts and auditors in the audit process.

Frequently Asked Audit Questions FY2018
 
The optional AFR and Balance Sheet Validation Module, also known as the "Audit Review Template", is located within the SEEK District Data Submission Program.  KDE encourages the districts' superintendents and finance officers, working with their auditors, to complete the AFR and Balance Sheet Validation module, which will assist the districts in determining any material discrepancies between the districts' Audited Annual Financial Reports and Balance Sheets and the Audit Reports or proposed audit data. The Instructions and Webinar are located below.
 
 

The Management Letter Comments spreadsheet became an additional requirement beginning with FY 2017 audit contract. Provided below are the instructions and the template that the auditor is required to complete, if the audit report consists of management letter comments and then submit to KDE.

Management Letter Comments Spreadsheet Instructions Dated 4/12/18

Management Letter Comments Spreadsheet template Dated 11/13/18

Below are links to the School District Financial Audits for the last two fiscal years.
 
 
 
Desk Review Information
KDE engaged the Auditor of Public Accounts (APA) to review the districts’  audit reports for technical compliance and adherence to reporting standards. The summary results from APA’s review are recorded in the ‘Independent Accountant’s Report On Applying Agreed-Upon Procedures To The Kentucky Department Of Education Uniform Guidance Desk Reviews For The Fiscal Year June 30, 2017 Audit Reports’ located on the Auditor of Public Accounts website. To review the reports, under the "Online Audit Search, Audit Reports"  headings, type "Desk Review" in the box titled "Type keywords or search terms here" , then click the  "Begin Search" button, and then select the specific fiscal year Desk Review Report.

Districts and their auditors were sent the detailed results of the desk reviews. Auditors were required to correct any audit report classified as technically deficient and reissue the audit report.  The Desk Review Findings – Audit Report Classification report is listed below. Request for copies of the detailed results of the desk reviews may be obtained by contacting the below KDE representatives or the districts' auditor or finance officer.

FY 2017 Uniform Guidance Desk Review Findings - Audit Report Classification
 
APA's website also consists of other useful information, such as School District Examinations that are located at the website link mentioned above under "Audit Reports"
 
For more information contact: 
Kim Carter                                                
Office of Finance and Operations                 
Division of District Support                         
300 Sower Blvd, 4th Floor                          
Frankfort, KY 40601                                   
Phone: 502-564-3846 x4440           
kimberly.carter@education.ky.gov              
 
Nicole Vanover
Office of Finance and Operations
Division of District Support
300 Sower Blvd, 4th Floor
Frankfort, KY 40601
Phone: 502-564-3846 x4443
 

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