must meet the Circular A-87 requirements. SUSPENSION AND DEBARMENT In administering federal funds, districts are prohibited from contracting with, or making sub-awards under covered transactions to parties that are suspended or debarred, or whose principals are suspended or debarred, under rules that were revised in November 2003. Verification of whether a party is suspended or debarred can be accomplished by reviewing the System for Award Management (SAM) at . Section VIII - Common Mistakes, Errors or Omissions in the Preparation of Financial Statements and Single Audits FINANCIAL STATEMENTS The following are common errors and omissions that the SED State Education Department's Office of Audit Services (OAS) has observed while reviewing financial statements: Management letter: Not submitted by the district. The corrective action plan for the issues noted in the management letter was not included or did not provide a specific plan to address these issues. The corrective action plan for issues noted in the "report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards" was not included or did not provide a specific plan to address these issues. Management Discussion and Analysis (MD&A): Did not include all elements required by GASB-34. Significant discrepancies in information between the MD&A and the other sections of the current and/or prior year's financial statements. Insufficient analysis of the changes in net assets, fund balances, or budget. Appears to have been prepared by the independent auditors. Did not include the name of a contact person. Statement of Net Assets: Long-term liability balances differing from balances shown in the notes to the financial statements. Investment in capital assets, net of related debt balance did not with the balance shown in the supplemental schedules. Statement of Activities:
must meet the Circular A-87 requirements. SUSPENSION AND DEBARMENT In administering federal funds, districts are prohibited from contracting with, or making sub-awards under covered transactions to parties that are suspended or debarred, or whose principals are suspended or debarred, under rules that were revised in November 2003. Verification of whether a party is suspended or debarred can be accomplished by reviewing the System for Award Management (SAM) at . Section VIII - Common Mistakes, Errors or Omissions in the Preparation of Financial Statements and Single Audits FINANCIAL STATEMENTS The following are common errors and omissions that the SED State Education Department's Office of Audit Services (OAS) has observed while reviewing financial statements: Management letter: Not submitted by the district. The corrective action plan for the issues noted in the management letter was not included or did not provide a specific plan to address these issues. The corrective action plan for issues noted in the "report on internal control over financial reporting and on compliance and other matters based on an audit of financial statements performed in accordance with government auditing standards" was not included or did not provide a specific plan to address these issues. Management Discussion and Analysis (MD&A): Did not include all elements required by GASB-34. Significant discrepancies in information between the MD&A and the other sections of the current and/or prior year's financial statements. Insufficient analysis of the changes in net assets, fund balances, or budget. Appears to have been prepared by the independent auditors. Did not include the name of a contact person. Statement of Net Assets: Long-term liability balances differing from balances shown in the notes to the financial statements. Investment in capital assets, net of related debt balance did not with the balance shown in the supplemental schedules. Statement of Activities:
Reference_Manual_2015.docx