Audit Information FY2015
On Wednesday, October 7, 2015, Richard L. Sullivan, CPA, MBA and Partner in Powers & Sullivan, LLC, Certified Public Accountants presented the FY2015 audit reports in an exit conference with the Audit Subcommittee and School Committee.
As required by Massachusetts General Law, Chapter 71, §16E, an independent audit of the accounts of the school committee is conducted every year. Upon completion of the audit, a report is presented to the school committee. Copies of the audit reports are sent to each member town’s board of selectmen.
This year, the district is providing copies of the audit reports to the public via its website. The audit reports consist of three independent reports:
- The Report on Examination of Basic Financial Statements includes the Management’s Discussion and Analysis, balance sheets, revenue and expenditure reports, budget to actual reports and many other reports that are required by state statute, the Government Accounting Standards Board and meet guidelines of generally accepted accounting principles;
- The Reports on Federal Award Programs audits compliance with reporting requirements on major federal award programs such as the school lunch program, and the following federal grants: Title I, Special Education, High School Graduation Initiative, Improving Teacher Quality, American Reinvestment and Recovery Act (ARRA), State Stabilization Fund (SFSF), Race to the Top, Technical Assistance Center for Inclusive School-wide Reform, Education Jobs and Special Education Preschool;
- The Management Letter 2015 is a tool to assist management in identifying or correcting deficiencies in internal controls and operating efficiencies.
A limited number of official, bound copies of each report are available at the Superintendent’s Office. Contact Cheryl A. Duval, Director of Administrative Services at 978-355-4668 ext. 8509 or by email at email@example.com to request a copy.