By GINA KINSLOW
Glasgow Daily Times
Monroe County School System officials are pleased with the 2011-12 financial audit report, which was recently presented to school board members for review.
“The audit report was outstanding,” said Lewis Carter, superintendent of Monroe County schools.
Auditors reported no findings, but did list a few points the school district could improve upon during the upcoming school year in their management letter.
Such things include making sure standard invoice or purchase orders are being used and that they are prepared and approved by the sponsor and principal before the payment is obligated, and that the purchase order is filed with the school treasurer and classified as an encumbrance until the merchandise is received, according to the Uniform Program of Accounting for School Activity Fund in Kentucky Schools.
Auditors recommended all school personnel be educated about the policy and that district officials monitor to make sure the policy is being enforced.
Auditors also noted at one school some checks included only one signature and pointed out that the school board’s policy is to have two signatures on all checks. Auditors recommend all who prepare checks, as well as local banks, that two signatures are required.
“There’s always a few things that could be better. That’s just like anything in life,” Carter said. “Our auditors gave us some things to improve on, [but] all in all our report was outstanding and it looks like we are in good fiscal standing.”
For the full story, see the print or E-edition of Friday's Glasgow Daily Times.