Gardner-Edgerton school district received good marks on their annual audit, conducted by Mize-Houser Company of Lawrence, Ks.
“The district’s financial statements as of June 30, 2018 received a clean audit opinion…and to get that clean opinion, the district did not need to post any audit adjustments,” according to Jeremy McFadden, USD 231 finance director.
An audit is conducted annually, and is available for review on the district’s website.
According to the document provided to the board of education, the auditors audited a fund summary statement of regulatory basis receipts, expenditures, and unencumbered cash balances of USD 231 as of and for the year ended June 30.
“Our responsibility is to express an opinion on the financial statement based on our audit,” the report states. “We conducted our audit in accordance with auditing standards generally accepted in the United States of America, the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States and the Kansas Municipal Audit and Accounting Guide. Those standards require we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statement. The procedures selected depend on auditor’s judgment, including the assessment of the risks of material misstatement of the financial statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair resentation of the financial statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statement.
In a separate letter dated Nov. 15, 2018 to the BOE, the auditors noted several areas available to management to strengthen internal controls;however, the letter was informational only and did not amend the auditor’s opinion of the district’s financial audit.