FYI June 9, Jeff Ammerman, Director of Member Assistance,

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1 FYI June 9, 2016 Jeff Ammerman, Director of Member Assistance,

Thanks for Joining Us! Listen to audio over your computer speakers. If you are not able to listen via the Internet, you can dial-in by phone using the numbers shown on your screen.

2 Thanks for Joining Us! Listen to audio over your computer speakers. If you are not able to listen via the Internet, you can dial-in by phone using the numbers shown on your screen. If you disconnect, simply repeat instructions to reconnect to the program. If listening to audio by phone, you can adjust the volume by pressing *4. To submit a question, type in the chat window and click Enter to send. CPE and CEU Credits are NOT available for this forum.

3 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 Taking the summer off Next one will be Thursday, September 8 at 1:30 pm 3

4 Today s Agenda 1. What's Due Calendar of State and Federal Reports 2. PASBO Tools You Can Use Resources to Help You 3. Audits an Auditor Preparation 4. Your Questions Answered An Open Forum for Your Questions About Topics Covered and Uncovered! 4

5 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. Before We Start 5

6 1-Jun 1-Jun 7-Jun New Hire Report Monthly Report of New Hires HR NSL Report on PEARS Resolution declining slot money Monthly Annual Reimbursement for Lunches Served each Month Food Service Copy of resolution declining slot money Finance PDE Dept. of Labor & Industry CN PEARS 10- Jun Upload NPAS Reports and Send On-line Monthly Report of Wages & Retirement Contributions Finance PSERS/NPAS 10- Jun 2030 Quarterly Reconciliation of cash on hand Finance Comptroller 10- Jun Annual Budget 20- Jun Annual Budget Annual Annual Make PDE-2028 available for public inspection Deadline to publish intent to adopt final budget notice Finance 21- Jun Quarterly PSERS Q1 Employer Payment PSERS

7 30- Jun 018h Annual Health Inspection Report-- Nutrition Program Sponsors Food Service PEARS 30- Jun PDE-2028 Annual General fund annual budget and Homestead Resolution Adoption Finance PDE 30- Jun EOY CATS Reporting Annual Prepare and submit CATS reports PDE 30- Dept. of Labor & Report of Unemployment Comp. Dept. of Labor Jun Industry UC-2 Quarterly Wages Finance & Industry 30- Jun Earned Income Tax Report of Local Wage Tax Quarterly Withholdings Finance Local EIT Collector 30- Jun IRS- 941 Quarterly FICA & Federal Income Tax Finance IRS 30- Jun PA Department of Revenue Quarterly Report of State Tax Withholdings Finance 30- Social Security & Medicare Jun PDE-339 (Act 29) Quarterly Contributions Finance 30- Jun PSERS - Employer Deposit of Employer Retirement Quarterly Due Finance PSERS 30- Jun All Federal Grant reporting Quarterly Submit all grant reporting for Federal programs. FAI

8 1-Jul New Hire Report Monthly Report of New Hires HR 1-Jul NSL Report on PEARS Monthly Reimbursement for Lunches Served Food each Month Service 1-Jul PDE-2095 Annual IU Transportation Budget 10-Jul 4059A 10-Jul 10-Jul Upload NPAS Reports and Send On-line Annual Monthly Annual Pupil Membership/Child Accounting Reports (career-tech) Transport ation Dept. of Labor & Industry CN PEARS DPT Child Accountin g PDE Report of Wages & Retirement Contributions Finance PSERS/NPAS Pupil Membership/Child Accounting Reports (intermediate units) Child Accountin g PDE

9 15-Jul PDE 2028 Annual General fund annual budget Finance DSD&A 15-Jul Cert. of Ending Fund Balance Annual Certification of estimated ending fund balance from prior year general fund budget Finance PDE 15-Jul Cert. of Use of Referendum Exceptions Annual If referendum exceptions approved, file certification of use Finance PDE 15-Jul Tax Levy Resolution Annual Submit copy of annual tax levy resolution Finance DCED

10 A must attend for all people new to a position in school business. School Operations Academy July 28-29, 2016 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

11 There s a doc for that at the Electronic Resource Center Delivering Best Practices and Good Ideas

12 Add PASBO to your social networks Follow PASBO twitter.com/pasbo_org Like PASBO

13 The Budget Blog Invitation only site related to the State Budget If you have not yet signed up, please send an to Sign-up is easy

14 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.

15 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.

16 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.

17 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.

18 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.

19 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.

20 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.

21 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.

22 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.

23 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.

24 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.

25 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

26 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

27 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.

28 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.

29 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.

30 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.

31 Time for Questions! Send text questions using the Chat function at the left side of your screen. Type message in box and click Enter to send.

32 Thank you for your participation! CPE and CEU Credits are not available for this forum.

Thanks for Joining Us!

Thanks for Joining Us! Listen to audio over your computer speakers. If you are not able to listen via the Internet, you can dial-in by phone using the numbers shown on your screen. If you disconnect, simply