At the recent Michigan School Business Officials conference, Jennifer Watkins of Yeo & Yeo CPAs and Gloria Suggitt, Michigan Department of Education Single Audit Grant Coordinator, presented, “I Love a Good Audit.” The presentation focused on updates to the Audit Manual and other common issues that the Michigan Department of Education (MDE) will notice and ask districts to correct, change and explain. The presentation also looked at common issues from the auditors’ side, revealing what auditors look for and how to ensure districts do not receive a finding or a letter from the MDE.
The presentation covered timing and responsibility for audit submission, issues with recording commodities, requirements of a corrective action plan, requirements for subrecipient schedules per the MDE and how that format differs from Uniform Guidance, and Uniform Budget and Accounting Act tolerance levels for the MDE versus auditors.
At the end of the presentation, Jennifer spoke on new guidance issued by the state for GASB 68 and provided a list of what the district should have ready for GASB 68 during the audit. The audience enjoyed the presentation and getting an “insider’s” look into the audit. Now they have the edge over others and should have a clean, smooth audit season.
See Jennifer and Gloria’s presentation, I Love a Good Audit.