Introduction
The review of Chapter 8 in Financial and Program Cost Accounting and Reporting for Florida Schools examined the internal account audits of three schools: Northwest Elementary, Land O’ Lakes High School, and River Ridge High School. The audit findings identified several prevalent issues in the management of the schools’ internal resources, which ranged from inadequate documentation to failure to follow financial guidelines. These issues could potentially compromise the integrity of the school’s accounting processes (Hernando County School Board, n.d.). However, the principal’s proactive approach to addressing these concerns demonstrates a commitment to resolving and managing financial issues.
Issues Revealed by Audit
One consistent issue identified during the audit was the inadequacy of fee and expense documentation. For instance, collection receipts and expense receipts often lacked signatures or addresses, and original bills did not support expenditures (Hernando County School Board, 2013). In response, the director stressed the importance of careful documentation and the compliance activities implemented to ensure compliance. This has included a reminder to staff to complete the requisite forms correctly and efficiently.
Another significant finding was the inability to scale relevant paperwork in the Munis school’s financial system, which serves as the accounting tool. The director recognized the significance of a complete and distinct scan to validate financial activities and undertook to enhance document-screening procedures with the public accountant and other staff (Northwest Elementary School, 2020). In addition, the audit uncovered issues with the documentation of field trips and fundraising efforts, including missing approval forms and incomplete summaries. The director recognizes these findings and has taken corrective measures, including updating staff on proper documentation procedures and ensuring that the necessary procedures are completed promptly.
Conclusion
By considering these audit findings and taking corrective action, the principal is committed to upholding the highest standards of financial reporting and integrity. By providing proper paperwork, scanning, and authorization for charges, spending, field trips, and fundraising activities, the director can protect the school’s internal funds proactively (River Ridge High School, 2018). Such a proactive effort not only promotes regulatory compliance but also fosters trust in the school’s financial administration, ultimately empowering the superintendent to serve as a trustworthy manager of the school’s funds.
References
Hernando County School Board. (n.d.). Internal accounts procedures manual. The School Board of Hernando County.
Hernando County School Board. (2013). Financial and program cost accounting & reporting for Florida schools. HCSD.
Land O’Lakes High School. (2018). Internal audit report. Pasco County School District.
Northwest Elementary School. (2020). Internal audit report. Pasco County School District.
River Ridge High School. (2018). Internal audit report. Pasco County School District.