Thomson Reuters today announced the release of a special report, School District Audits — Making the Grade. The report addresses the unique characteristics of planning and performing audits for public school districts and provides tips to help professionals perform effective and efficient school district audits, resulting in improved engagement utilization.
The report provides detailed guidance on the accounting and auditing of unique school district funding, such as pupil-based funding, activity funds, food services funds, and more. It also provides a list of data mining techniques for more effective and efficient audits, as well as a checklist of common areas within state education funding which require additional compliance tests of state laws and regulations.
To address the unique audit and accounting requirements warranted by school district audits, Thomson Reuters has also released PPC’s Practice Aids for Audits of School Districts, which are authored by respected and experienced internal and external industry experts. They are the only audit materials available on the market that are specifically tailored for use on school district audits.
“CPA firms that audit school districts play a critical role in our public education systems,” said Scott Spradling CPA, vice president, Audit and Accounting Segment with the Tax & Accounting business of Thomson Reuters. “We are very pleased to provide these high quality resources as part of our ongoing program to expand our industry coverage and assist our customers in performing efficient and high quality audits.”
“Audits of school districts are complex undertakings,” said Stephen Holland, an executive editor with the Tax & Accounting business of Thomson Reuters and an author of the practice aids. “With multiple funding sources, detailed allocation formulas, and multilayered compliance requirements, CPAs who audit these entities face a challenging but very important task.”