Audit Services

The Vendor is required to provide annual audit shall include an examination of all of the district’s financial activities, financial records, financial reports, and the preparation of the official financial statements that will be issued to the banking community and the department.
- The audit shall include the district’s end of year pupil and financial report (EOYR) and student activity funds as well.
- Overall audit
• Include schedules for all funds (general, grant, revolving, capital, agency, trust).
• Review management practices related to internal controls and compliance with procurement laws, the fair labor standards act, state municipal finance laws, state and federal wage and tax reporting requirements, and any other regulatory guidelines or laws that serve as proxies for the financial health and management of the districts resources.
• Validate all reserve fund balance reported by the accountant.
• Confirm all funds are reconciled between the bank and the treasury and the treasury and the general ledger.
- End of year report
• Validate supporting documentation for schedule 7 and compare schedule 7 from prior fiscal year in relation to regional school transportation aid received in current fiscal year.
• Validate supporting documentation from the general ledger and schedules 1 and 3.
- Student activities
• Review programs for compliance with MGL chapter 71, section 47.
• Test a sample of transactions in the receipt cycle and disbursement cycle.
• Review reconciliation of cash and cash balances to program activities.
• Review school’s monthly reports for accuracy, form and content.