Turn your financial statement audit into more than a compliance event
Looking for added value from your auditor? Call us. Because we have an auditing team experienced in serving schools, we know where to look for opportunities to cut costs and save money. Plus you can be assured your financial statement information is accurate. A financial statement audit from Plante & Moran offers the accountability your constituents deserve and the information you need to make good decisions.
Most schools are facing the same challenges when it comes to balancing their budgets. They include:
- Declining enrollment
- Demographic changes/birthrates
- Competition from charters/schools of choice
- Employment opportunities out of state
- Modest funding increases
- Dependence on state’s economy
- Property tax flattening/declining values
- Escalating costs
- General inflation
- Healthcare costs
- Retirement plan rates
- Aging work force/steps
- Lack of support for bonding/sinking funds
For tips on how districts can cope, read managing school budgets in tough times.
A typical financial statement audit engagement consists of:
- Discussion of new requirements impacting the district early in the planning process
- Annual financial statement audits
- Preparation of the district’s annual financial report
- Assistance in the preparation of the school district’s financial report for the state of Michigan and state of Ohio
- Letters of comments and recommendations highlighting ideas that will help the school district maximize its use of resources
- Correspondence with the school board or finance committee regarding significant matters addressed in the audit
- Comprehensive presentation to the board of education, including graphic analysis of important statistics and trends
Our audit of a school district’s records is conducted in accordance with generally accepted financial statement auditing standards and complies with requirements of the American Institute of Certified Public Accountants, Government Auditing Standards Board, the Michigan Department of Education, the Ohio State Auditor's Office, and the U.S. Department of Education.
Our participation in various national and state organizations ensures that we stay on the leading edge of changes in governmental accounting. This is particularly important in such rapidly changing areas as the single audit and state aid.
In addition to providing traditional financial statement auditing services, Plante & Moran assists school districts with numerous other accounting and financial activities, such as:
- Budget review and projections
- Temporary accounting assistance
- Implementation of single audit requirements
- Bond issue management
- Long-range financial projections
- Analysis of proposed legislation impact
To assist board members with their fiduciary responsibilities, we also present an annual seminar on basic accounting concepts for newly elected school board members.