FYI
June 12, 2015
Jeff Ammerman, Director of Technical
Assistance, jammerman@pasbo.org
Thanks for Joining Us!
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• CPE and CEU Credits are NOT available for this forum.
• Our Intent and Purpose
– Strategic Plan Outreach and Mentorship Effort
for New and Newer PASBO Members in all
aspects of School Business Management
– Use PASBO Experts to Help New Entrants
– Continuing Series
• Time shift to 2nd Thursday of the Month at 1:30 pm
• Taking the summer off
• Next one will be Thursday, September 10 at 1:30 pm
3
Today’s Agenda
1.
What's Due
– Calendar of State and Federal Reports
2.
PASBO Tools You Can Use
– Resources to Help You
3.
4.
Audits an Auditor Preparation
Your Questions Answered
– An Open Forum for Your Questions About Topics Covered
and Uncovered!
4
Before We Start
• The due dates on the
calendar are intended as a
guide not as absolute
deadline dates.
• The calendar is a work in
progress and will be modified
throughout the year.
• This is not an “official”
calendar although it has been
reviewed by PDE.
5
Sources of Filing and Reporting Info
• PIMS Data Collection Calendar
 http://www.portal.state.pa.us/portal/server.pt/community/pimspennsylvania_information_management_system/8959
• Comptroller Forms
 http://www.portal.state.pa.us/portal/server.pt/community/forms
_and_procedures/13472
• Food Service Calendar
 http://www.portal.state.pa.us/portal/server.pt/community/natio
nal_school_lunch/7487/activity_calendar/964588
6
New Hire
1-Jun Report
Monthly Report of New Hires
HR
Dept. of Labor
& Industry
NSL Report on
1-Jun PEARS
Reimbursement for Lunches
Monthly Served each Month
Food
Service
CN PEARS
Resolution
declining slot
7-Jun money
Copy of resolution declining slot
Annual money
Finance PDE
Upload NPAS
10- Reports and
Jun Send On-line
Report of Wages & Retirement
Monthly Contributions
Finance PSERS/NPAS
10Jun 2030
Quarterly Reconciliation of cash on hand
Finance Comptroller
10Jun Annual Budget
Make PDE-2028 available for
Annual public inspection
20Jun Annual Budget
Deadline to publish intent to adopt
Annual final budget notice
Finance
21Jun
Quarterly PSERS Q1 Employer Payment
PSERS
30Jun
30Jun
30Jun
30Jun
30Jun
30Jun
30Jun
30Jun
30Jun
018h
Health Inspection Report-Food
Annual Nutrition Program Sponsors
Service PEARS
General fund annual budget and
Annual Homestead Resolution Adoption Finance PDE
PDE-2028
EOY CATS
Reporting
Annual Prepare and submit CATS reports
PDE
Dept. of Labor &
Report of Unemployment Comp.
Dept. of Labor
Industry UC-2
Quarterly Wages
Finance & Industry
Earned Income
Report of Local Wage Tax
Local EIT
Tax
Quarterly Withholdings
Finance Collector
IRS- 941
Quarterly FICA & Federal Income Tax
PA Department
of Revenue
Quarterly Report of State Tax Withholdings
Social Security & Medicare
PDE-339 (Act 29) Quarterly Contributions
PSERS Deposit of Employer Retirement
Employer
Quarterly Due
30- All Federal Grant
Submit all grant reporting for
Jun reporting
Quarterly Federal programs.
Finance IRS
Finance
Finance
Finance PSERS
FAI
1-Jul New Hire Report
Monthly Report of New Hires
NSL Report on
1-Jul PEARS
Reimbursement for Lunches Served Food
Monthly each Month
Service
1-Jul PDE-2095
Annual
IU Transportation Budget
Pupil Membership/Child
Accounting Reports (career-tech)
Child
Accountin
g
PDE
Annual
Upload NPAS
Reports and Send
10-Jul On-line
Report of Wages & Retirement
Monthly Contributions
Annual
CN PEARS
Transport
ation
DPT
10-Jul 4059A
10-Jul 40591
HR
Dept. of Labor
& Industry
Finance
PSERS/NPAS
Pupil Membership/Child
Child
Accounting Reports (intermediate Accountin
units)
g
PDE
15-Jul PDE 2028
Cert. of Ending
15-Jul Fund Balance
Cert. of Use of
Referendum
15-Jul Exceptions
Tax Levy
15-Jul Resolution
Annual
General fund annual budget
Finance
Annual
Certification of estimated ending
fund balance from prior year
general fund budget
Finance
PDE
Annual
If referendum exceptions
approved, file certification of use Finance
PDE
Annual
Submit copy of annual tax levy
resolution
DCED
Finance
DSD&A
A “must attend” for all people
new to a position in school business.
School Operations Academy
July 30-31, 2015
Penn State Conference Center
State College, PA
Tracks in Business, Facilities, Food Service and Transportation will
help you to:
- learn proven techniques from experienced practitioners
- gain ideas to create efficiencies and reduce costs
- exchange challenges and solutions with your peers
- build a network of contacts across the state
There’s a doc for that…
at the Electronic Resource Center
www.pasboerc.org
Delivering Best Practices and Good Ideas
Add PASBO to your social networks
Follow PASBO
twitter.com/pasbo_org
Like PASBO
The Budget Blog
• Invitation only site related to the State Budget
• If you have not yet signed up, please send an
email to jammerman@pasbo.org
• Sign-up is easy
What is an Audit?
• Provides an independent assessment of
and reasonable assurance about
whether an entity's reported financial
condition, results, and use of resources
are presented fairly.
Planning is the Key!!!
• “He who fails to plan, plans to fail”
• “Planning is bringing the future into the
present so that you can do something
about it now”
• “Expect the best, plan for the worst, and
prepare to be surprised.”
Planning
Generally accepted auditing standards require
auditors to use information gathered about the
entity and its environment to :
– Identify and assess the risks of material
misstatement.
– Determine the nature, timing, and extent of
further audit procedures needed to respond to
those risks.
Planning
During the planning process, the auditor gains sufficient
knowledge of the client to:
– Identify risky audit areas.
– Determine the procedures necessary to
address identified risks.
Planning
– For lower-risk areas, the auditor determines
what limited procedures will be necessary.
– The additional time spent applying risk
assessment during the planning process may be
more than offset by efficiencies gained from
limiting procedures in lower-risk areas.
– Because the auditor is focusing his or her
efforts on higher-risk areas, the audit approach
is more effective.
Planning
Entrance Meeting- items to consider
• Discuss blocks of vacation or illness time.
• Inform staff of the impending audit.
• Explain the audit process and timing to staff.
• Designate key contact personnel.
• Review and sign the engagement letter.
Planning
Suggested Procedures
– Review the general ledger for any journal entries that need to
be posted.
– Examine the balance sheet for any uncollected receivables
– Update the capital asset inventory.
– Update the District's accrued sick and vacation liability.
– Review prior year audit findings and ensure that corrective
action was taken.
– Assemble a central file of audit information.
– Ensure that receipts and expenditures are posted to the
correct general ledger accounts.
Planning
Information Request List
• Review the information request list and
determine if the items requested are
available.
• Inform the auditor if any of the items
requested are not available.
Fieldwork
• SAS No. 110 states that “the auditor should
design and perform further audit procedures
whose nature, timing, and extent are
responsive to the assessed risks of material
misstatement at the relevant assertion level.”
• The auditor must develop an audit plan in
which the auditor documents the audit
procedures to be used that, when performed,
are expected to reduce audit risk to an
acceptably low level.
Fieldwork
AICPA Fieldwork Standards:
– The auditor must adequately plan the work and must
properly supervise any assistants.
– The auditor must obtain a sufficient understanding of
the entity and its environment, including its internal
control, to assess the risk of material misstatement of
the financial statements and to design the nature,
timing, and extent of further audit procedures.
– The auditor must obtain sufficient appropriate audit
evidence by performing audit procedures to afford a
reasonable basis for an opinion regarding the financial
statements under audit.
Fieldwork
• By leveraging the knowledge gained
through the auditing process, an auditor
may also make suggestions to
management on ways to improve
internal controls to ensure accurate
reporting and guard against fraudulent
activities.
MD&A
• Management Discussion and Analysis (MD&A)
Section
• Usually written by the Business Manager for
the LEA
• MD&A should introduce the basic financial
statements and provide an analytical overview
of the government’s financial activities.
• Required to present MD&A before the basic
financial statements
More on MD&A
• Present financial information for the
current and prior fiscal years, and
management’s analysis is geared toward
explaining how finances changed from
year to year and why they changed
• Intended to bring to the financial report
user’s attention key issues that affected
or will affect an LEA’s financial health
Financial Statements
•
•
•
•
Review the draft of the final audit report.
Review each section thoroughly
Ensure each section is accurate and complete.
Make revisions, if needed, to convey the
appropriate wording and tone.
• Discuss the draft report with your senior
management.
Financial Statements
During Reporting
• Ensure the auditor makes all proposed
revisions the report draft.
• If no further revisions are required, a
final audit report is issued.
• Share the final audit report with your
staff so they are informed about the
results of the audit.
Final Communication
Management Letters
• Address and resolve issues proactively
– Ensure the facts are correct.
– Discuss the issue with the auditor and provide any
information that may be critical to understanding the full
scope of the issue.
– Obtain supporting documentation to clear or resolve a
potential finding.
Final Communication
Management Letter
• Keep your senior management apprised of the audit
and any issues that arise.
• Discuss the planned corrective action plan.
• Prepare a written response.
Time for Questions!
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Thank you for your
participation!
CPE and CEU Credits are not available for this forum.