TCSS Finance Department passes audit review with no findings

Published 8:35 pm Monday, March 19, 2018

Each summer and into the fall months, well-known accounting firm Mauldin & Jenkins steps into Troup County School System’s (TCSS) Finance Department to review accounting practices and receipts and disbursements.

This process of both on-site and off-site field work includes analyzing a sample of financial documents, control testing and interviewing staff members.

Afterwards, a financial recommendation from the firm is submitted to the school system.

TCSS was recently notified that they received the highest recommendation of ‘unmodified’ once again. In addition, the firm verified there were ‘no findings’ within the reviewed finances.

“This audit period was for the 2017 fiscal year,” said Byron Jones, Chief Financial Officer for TCSS. “This now makes two years in a row that TCSS has no findings. Due to both the no findings and unmodified audit opinions, we will now be considered ‘low risk’ going into the next school year.”

The external audit report contains three sections:

4Management discussion and analysis (MD&A)

4Financial statements

4Notes to financial statements; following this section is the firm’s opinion of the audit and if there were any findings.

“They sample school and district-level expenditures so the unmodified and low risk opinion is inclusive of both the school and district,” Jones said.

In addition, Jones said Mauldin & Jenkins issues a separate financial report that audits compliance and expenditures on Education SPLOST. He notes there were no findings within that report as well.

“The staff works hard to ensure our internal processes are monitored so when we do have an audit review everyone knows what to expect,” Jones said. “My staff has gone above and beyond; with the implementation of a new software system and a glowing audit review. It’s been a collaborative effort.”

Jones said the audit report will be available on once an electronic copy is received from the accounting firm.