Audit Committee November 14, 2006 minutes
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Poudre School District Audit Committee MINUTES November 14, 2006 Members Present Debbie Bostak, Community Member, Chairperson Ross Cunniff, Member, Board of Education Larry Neal, Board of Education Molly Janzen, Controller, Poudre School District Cheryl Zimlich, Community Member Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Updates The Audit Committee approved the minutes for the meeting held October 17, 2006. The wording on page 2 of the minutes is changed to “Items on the Matrix that are incomplete ongoing”. Debbie Bostak distributed the agenda for the meeting. Steve Collins and Vicki Sweet from Sample and Bailey were present to communicate audit findings to the Audit Committee. Vicki distributed an agenda that included Required Auditor Communications, Audit Findings, General CAFR discussion, Management Comments, and Legal Confirmation Letters. Preliminary CAFR was distrubuted. Items discussed are listed below: o Vicki Sweet reviewed and approved the district’s draft statements. o Table of Contents - page 2, change date to 2006 (typo). o Page 53 – above note 5 (reword the sentence that begins with the district’s investments). o Discussion on Note 11 – confirm wording. o Page 43 – notes relevant to charter schools. Reword the sentence; the district is accountable for their financial reporting. o Discussion regarding the Single Audit finding. • Vicki Sweet distributed ...
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Poudre School District Audit Committee MINUTESNovember 14, 2006 Members Present Debbie Bostak, Community Member, Chairperson Ross Cunniff, Member, Board of Education Larry Neal, Board of Education Molly Janzen, Controller, Poudre School District Cheryl Zimlich, Community Member Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District UpdatesThe Audit Committee approved the minutes for the meeting held October 17, 2006. The wording on page 2 of the minutes is changed to “Items on the Matrix that are incomplete ongoing”. Debbie Bostak distributed the agenda for the meeting. Steve Collins and Vicki Sweet from Sample and Bailey were present to communicate audit findings to the Audit Committee. Vicki distributed an agenda that included Required Auditor Communications, Audit Findings, General CAFR discussion, Management Comments, and Legal Confirmation Letters. Preliminary CAFRwas distrubuted. Items discussed are listed below: oVicki Sweet reviewed and approved the districts draft statements. oTable of Contents -page 2, change date to 2006 (typo). oPage 53 – above note 5 (reword the sentence that begins with the districts investments). oDiscussion on Note 11 – confirm wording. oPage 43 – notes relevant to charter schools. Reword the sentence; the district is accountable for their financial reporting. oDiscussion regarding the Single Audit finding. •Vicki Sweet distributed the preliminary Management Comments. Molly Janzen distributed the Plan of Action regarding the Mangement Comments. Steve Collins stated recommendations are minor. •At the November 27, 2006, Board of Education meeting Debbie Bostak will present the CAFR along with a written report stating what the Audit Committee has accomplished this past year. Molly Janzen, Jim Sarchet, and Steve Collins from Sample and Bailey will attend the Board meeting.
Preliminary Minutes November 14, 2006 Page 1
•Whistleblower – Objective is to have something in place by end of school year. This section is in the toolkit 2 pages into the orange section. oWork with Tom Crabb on legal issues. oProcess to handle complaints. No one gets fired. oPublic can go to the BOE. oProtect employee from retaliation. oAnonymous reporting. oEmployees need to be assured of confidentiality. oContracting outside service. oCrimestoppers. oInternal -all employees. •Term Limits- The BOE needs to reappoint the Audit Committee member in December 2007. Committeewill remain the same until November 2007. Ross has one year left. Ross will expire from the BOEin November 2007.In January 2007 the Audit Committee will make a decision on term limits. New Audit Committee member position should begin December 1, 2007. The BOE should appoint the Board member for the Audit Committee. One committee member off also in December? Expired BC Dec 06-Jan 071 (L)2 AB ? Dec 07-Jan 081(R) 1C Dec 08-Jan 091 2AB Audit Committee followed up and clarified items on the Self-Evaluation checklist from the last meeting. (Refer to the AICPA toolkit).Clarification is inBOLD/ ALL CAPS. Items in question that Terri, Debbie, and Cheryl had at the October meeting are listed below. oPage 2- #6 Not sure -Clarify outside expert - Molly, Jim, Purchasing, ITC, or outside of committee, outside of PSD experts?Discuss further anything to add from Larry and Ross.OUTSIDE EXPERT CAN INCLUDE EMPLOYEE IN THE DISTRICT. oN/A -Page 3-#8PSD DOES NOT HAVE AN INTERNAL AUDITORoPage 3-B3 Ross – Code of ConductJanuary? oDEBBIE BOSTAK WILL RESEARCH oPage 4-#5 Bring in Tom CrabbNovember 2006. COMPLETE 11/14/06oPage 4-C1No; should invite Teresa Cole and Lou Nagy, inJanuaryask about management comments, internal controls around information systems, disaster recovery, confidentiality and security. DEB BOILEAU WILL INVITE TERESA AND LOU FOR JANUARY MEETING oPage 4-D3 Not sure? Technical Proficiency? Sarbanes-Oxley and New Governmental Financial Reporting Model. DEB BOILEAU DISTRIBUTED THE GOVERNMENTAL FINANCIAL REPORTING MODEL (BLUE BOOK). PreliminaryMinutes November14, 2006 Page2
oPage 4-D4 - Be sure the committee recognizes the Single Audit results.YESoPage 5-D6 - Discuss about Net Assets; does the Committee have a system? Discuss about the categories, Fund Balance in the Financial Statements, confusing.NOT SURE- LEAVE FOR FOLLOW UP. oPage 5-D7 – Jim and Mollys perspective on the Audit Committee was very positive. They feel a lot has been accomplished and believe the committee should continue, that it is a good addition to the district.YESoPage 5-D9 Peer review?YESoPage 5-D10 Clarification from Sample and Bailey regarding site visits; is that considered a non-audit service? Is EAS a non-audit visit? Clarify Annual Audit, Single Audit, Non-Audit. Question inNovemberto Sample and Bailey. YES, APPRVOED ALL LETTERS- AUDIT OR NON AUDITTom Crabb attended the meeting as requested by the Audit Committee. The Committee asked Tom if there was anything that the committee should be aware of concerning the district. Tom stated he was a district employee, and that he works for the administrators of PSD at a high level, but does not have the ability to get information that the Audit Committee is possibly looking for. Tom stated legal counsel is required regarding financial statements, lawsuits, compliance with laws, and anything that can have a material effect. Future Meetings December -no meeting January 16, 2007•Whistleblower progress update. Ross and Larry to submit Self-Evaluation. Molly Janzen will update Committee throughout the year on Student-Based Budgeting. Create an agenda for the upcoming year. Discuss the renewal process for Audit Committee Members. Confirm whose limit is up and when. Discuss results Self-Evaluation Checklist. Ross will update the Audit Committee regarding other school district Auditor selection, fees and services. Ross will update Audit Committee on Peer Review from Sample and Bailey? Code of Conduct – Ross/Debbie Bostak? Evaluate Independent Auditors. Invite Teresa Cole and Lou Nagy to meeting. March 20, 2007Review Audit Committee Charter May 15, 2007
Preliminary Minutes November 14, 2006 Page 3
