APPENDIX C School Closeout Procedures Purpose: The purpose is to provide standard procedures for closing a school when the charter has been revoked by the Board of Elementary and Secondary Education (Board). The procedures indicated may be supplemented by procedures determined relevant based on the auditors professional judgment or additional procedures required by the Board or by the Department of Elementary and Secondary Education (DESE). Note: the audit closeout period should be determined by the auditor in consultation with DESE. Responsibilities: School management/board of trustees: Develop control procedures to properly safeguard assets; Designate an individual who is responsible for the accuracy and timeliness of the closeout process; Assign a Trustee or authorize another individual to perform the disbursement of any funds; Providing an accurate accounting of the federal and state grants; school’s Providing an accurate accounting of all financial activities of the school through the agreed upon audit period; and Take an accurate inventory of assets held at the audit period end date and properly account for any assets sold after the notice of the charter revocation has been received In certain situations, the Massachusetts Department of Elementary and Secondary Education may: Determine the audit period and timing Coordinate with the charter school regarding the hiring the CPA to perform the school’s closeout audit Auditors: Render an opinion on the financial statement of the school Issue a report in accordance with Government Auditing Standards on the school’s internal control over financial reporting and on tests of compliance with certain laws, provisions , regulations, contracts, grant agreements, and other matters If applicable, issue a report on in accordance with OMB Uniform Guidance
APPENDIX C School Closeout Procedures Purpose: The purpose is to provide standard procedures for closing a school when the charter has been revoked by the Board of Elementary and Secondary Education (Board). The procedures indicated may be supplemented by procedures determined relevant based on the auditors professional judgment or additional procedures required by the Board or by the Department of Elementary and Secondary Education (DESE). Note: the audit closeout period should be determined by the auditor in consultation with DESE. Responsibilities: School management/board of trustees: Develop control procedures to properly safeguard assets; Designate an individual who is responsible for the accuracy and timeliness of the closeout process; Assign a Trustee or authorize another individual to perform the disbursement of any funds; Providing an accurate accounting of the school’s federal and state grants; Providing an accurate accounting of all financial activities of the school through the agreed upon audit period; and Take an accurate inventory of assets held at the audit period end date and properly account for any assets sold after the notice of the charter revocation has been received In certain situations, the Massachusetts Department of Elementary and Secondary Education may: Determine the audit period and timing Coordinate with the charter school regarding the school’s hiring the CPA to perform the closeout audit Auditors: Render an opinion on the financial statement of the school Issue a report in accordance with Government Auditing Standards on the school’s internal control over financial reporting and on tests of compliance with certain laws, provisions , regulations, contracts, grant agreements, and other matters If applicable, issue a report on in accordance with OMB Uniform Guidance
FY18AuditGuide.docx