The celebrated tennis player, Arthur Ashe, is credited for saying, “One important key to success is self-confidence. An important key to self-confidence is preparation.” Not only does this mindset apply to tennis…but audits too.
This article outlines ways your school district can prepare for annual audits. (You may find this article helpful too.)
At Morgan & Associates, we understand the vital role that audits play in ensuring the success and integrity of your school district. Complete the form below or use the chat bot to talk with us more.
1. Know what’s expected.
Knowing the expectations of your school district is the first step. In Michigan, the Michigan Department of Education (MDE) is the governing body for finances of the school districts. Therefore, MDE releases a handbook each year overviewing state regulations and those found in the Code of Federal Regulations (generally known as the Uniform Guidance). Be sure to get the latest edition of the Michigan School Auditing Manual to learn about the most recent expectations. (Here is one of the latest versions.)
2. Gather a team.
In most school districts, several staff members, plus school board members, will need to submit information for the audit to be completed by an external audit team. For things to run smoothly, everyone should be informed of their roles and the expectations for communication.
3. Start early.
Nothing derails an audit like waiting until the last minute! The rush to complete tasks often causes mistakes and lessens (everyone’s) confidence in the whole process.
Timeline accountability is a major reason that many school districts choose to work with accounting firms like ours. We set dates to review your statements, helping you prepare well in advance before the external audit team needs them.
4. Keep with good accounting practices.
The biggest reason, though, Michigan school districts work with us is good accounting practices. When you work with an advisory firm like ours, we can help ensure accounting standards are being met throughout the year, giving you no reason to rush around and “fix things” before an audit.
This peace of mind leads to confidence and a lack of fear when the audit rolls around.
We love working with school districts. When you’re to be audited, we want you prepared and confident, just like you aim for your students to be as they take on the challenges of the school year.