The vendor is required to provide this forensic audit will specifically examine (but is not limited to):
• Procurement
• Accounts payable
• Payroll
• Revenue management
• Policy and procedure enforcement
• Document retention
• Budget management and approvals
• Asset management
• Human resources (HR) and payroll practices
• Board activity and oversight
• Grant, general fund, and special activity fund management
• Financial processes within the school division finance department 1. Procurement practices
o Assess compliance with procurement laws, school board policy, and contract award processes.
o Review vendor relationships, purchase orders, and payment approval procedures.
2. Accounts payable and payroll
o Examine accuracy, internal control, segregation of duties, and fraud detection systems.
o Assess whether proper verification and approval of payments and employee records exist.
3. Revenue management
o Review the receipt, classification, and use of funds from local, state, federal, and grant sources.
o Assess internal controls over cash receipts, deposits, and reconciliations.
4. Policy and procedure enforcement
o Determine the adequacy and enforcement of school board and administrative policies.
5. Document retention
o Evaluate the school division’s document storage, destruction, and retrieval practices for compliance with applicable regulations.
6. Budget management and approvals
o Review how budgets are prepared, approved, monitored, and amended.
o Evaluate controls over spending relative to budget authority.
7. Asset management
o Review inventory and fixed asset tracking systems.
o Evaluate accountability and disposition processes.
8. HR and payroll practices
o Assess hiring practices, employee classification, time tracking, leave reporting, and payroll distribution.
o Evaluate any duplicate or ghost employee risks.
9. School division finance department operations
o Review internal controls, system access, segregation of duties, and compliance with governmental accounting standards.
o Evaluate reporting and reconciliation processes.
10.Board activity
• Assess governance practices, oversight roles, board documentation, and financial accountability.
• Evaluate school board responsiveness to audit findings and corrective actions.
11. Compliance reviews
• Evaluate compliance with local, state, and federal regulations regarding use of funds, grants, and financial transparency.