The State Committee for School District Audits approved the fiscal year 2007-08 Audit Contract on March 20, 2008. As a reminder, the FY 2007-08 audit contracts are due to KDE's Division of District Operations on May 30 and districts are to submit to the Division of District Operations the initial Annual Financial Report and Balance Sheet by July 25 in accordance with KRS 157.060. The Final Annual Financial Report and Balance Sheet should be submitted to the Division of District Operations upon completion of the audit. It is important that audit work be scheduled as efficiently as possible so that timely submission is made of all reports to the Department of Education. It is also important that the Annual Financial Report and Balance Sheet be in agreement with the audit report.
There have been some changes to the contract and these changes are noted in red type within the attached fiscal year 2007-08 Audit Contract, along with the following highlights:
1. Audit reports are due to the Division of District Operations, Kentucky Department of Education, by close of business on November 17, 2008. Requests for an extension, fully describing the reasons for the request, must reach the Division of Data Management by October 31, 2008.
2. A requirement has been added that the auditor shall submit, along with the audit report, a statement certifying to the fact that all audit adjustments have been entered into MUNIS and an Annual Financial Report and Balance Sheet that are in agreement with the audit report will be transferred to KDE.
3. In Appendix I, number 19, a requirement has been added for the auditor to verify that the school district is in compliance with Section 409A of the Internal Revenue Code.
If you have questions regarding the contract, please contact Debbie Kamer or Ken Smith at 502-564-3846 or via email at mailto:Debbie.Kamer@education.ky.gov or mailto:Ken.Smith@education.ky.gov