In my district, an external auditor is selected through the board. Bids are accepted and then the final say is given by the board. The auditor will work directly with the board for financial matters. The audit is conducted over some time. Through on site visits, off site consultation with CPA’s and financial people the audit would be completed. Talking with the districts CFO and financial department, reviewing all of the papers and data, the auditor will develop a final report for the district. The audit will conclude if the districts information and financial statements are an accurate representation of what the district is doing, where it is going and what the money has been spent on. At year’s end, the district will know if they have been accurately keeping track and spending their money appropriately. The auditors will present the findings to the board and it will be voted on to accept or not to accept.
If the board rejects the audit, the process would begin all over again. This would not be very wise as it would cost the district more money. This is why it is so important to build a relationship with the auditors and know who you are working with.
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