New York school district accepts positive audit report
October 24, 2011
The Garden City, New York, Board of Education recently accepted a district audit that found no material weaknesses and a need for minor improvements to internal controls, according to the Garden City News.
The school's assets for the fiscal year ending June 30, 2011, totaled $81 million, with $23 million being represented by fixed assets
. The auditing firm made two recommendations - to change how payroll records are reconciled to quarterly federal payroll tax reports and to require documentation that proves conference attendees were actually in attendance.
Auditors found that three of the seven recommendations made to the district in last year's report had been fully implemented, with two more in the process of being carried out. The district's business and finance office was lauded for its "readiness and responsiveness" to the audit, according to the news source, as Garden City was one of just 10 percent of New York school districts to meet the deadline for filing annual state reports.
Leveraging fixed asset
management software can help streamline the auditing process and help schools comply with such deadlines. Products such as Sage FAS Government and Schools Asset Accounting
are customized to meet the fixed asset accounting
needs of schools.