The Massachusetts Department of Elementary and Secondary Education (DESE) has just issued their Student Activity Funds Audit Guidelines. As of this writing it was not yet on their website but can be obtained through the following link (Click Here).
Student Activity Funds have been required to be audited annually ever since MGL Chapter 71, Section 47 was adopted but the new guidelines provide both key information on requirements and guidance for policy and procedures.
Some of the Highlights include:
- All funds in excess of $25,000 need to be audited annually and a representative sample of funds under that amount need to be audited annually.
- The audit does not need to be performed by an independent outside auditor but should be at least every three years.
- If audited internally the guidelines should be followed and a report issued.
- The guidelines provide audit steps and programs to complete the audit and provide a sample report.
- The guidelines have a section for frequently asked questions which help clear up misunderstandings that previously existed.
We have developed a presentation to assist our staff in completing the audits in accordance with the guide. A modified version of the presentation is available through this link (Click Here) and will be helpful in getting an easy overview of the guidelines.
For more information on the requirements or to contact us for a proposal please click on the contact button below.