Financial Auditing Service

The Vendor is required to provide perform an annual independent financial audit of the board’s fiscal year ending June 30 in accordance with state statutes and applicable professional standards.
- Express an opinion on whether the Board’s financial statements present fairly, in all material respects, the financial position and results of operations.
- Determine whether the Board’s financial statements are free of material misstatement, whether due to fraud or error.
- Evaluate the design and operating effectiveness of internal controls over:
•    Cash receipts and disbursements
•    Payroll processing
•    Licensing revenues and trust funds
•    Purchasing, contracting, and travel expenditures.
- Perform preliminary analytical procedures using current-year QuickBooks (QBO) trial balance and Airtable financial datasets.
- Obtain and review prior-year audit workpapers and management letter.
- Document significant transaction cycles (cash, revenues, payroll, A/P, A/R, fixed assets).
- Perform walkthroughs and test samples for key control activities identified in the Board’s accounting policy manual.
- Test a statistically valid sample of disbursements (checks, ACH, wires) for proper authorization, support, account coding, and Board approval.
- Inspect fixed-asset additions, disposals, and calculate depreciation accuracy.
- Perform data-analytics queries for unusual transactions, duplicate payments, or outlier amounts.