Chapter XIII - Audits
Activity fund audits may be conducted by Internal or External auditors. Audits are necessary to analyze the financial transactions, internal accounting controls and procedures to ensure compliance with District Policies and Procedures, State and Federal laws and regulations. It is one of the most significant prudential controls of school activity funds. For the public, it provides assurance that school funds are being managed properly.
The APS Internal Audit Department follows an annual audit plan approved by the Audit Committee of the Board of Education. School activity funds may be audited on a periodic basis according to the plan or upon request. The audits are intended to provide administration and the Board of Education with reasonable assurance that funds are managed efficiently, effectively, and in compliance with the Activity Fund Manual, accurately stated, and free from risk of misstatement or loss.
Results of the audit are presented to the school principal and bookkeeper along with findings and any recommendations for improvement. For those schools that earn a Non-Complaint rating, the school administrator must provide a written action plan addressing findings to be included with the report when presented to Audit Committee.
The appropriate Associate Superintendent will be notified of audit ratings.
The District is audited annually by an Independent Public Accountant as approved by the New Mexico State Auditor in conformity with Section 4-313 N.M.S.A., 1978 Compilation, as amended. This audit covers District operations and financial statements and school activity funds. Your school may be included in the sample at which time you will be required to provide books and records for review.
For each audit, the following activity fund records must be available:
- General Ledger (Cash and Individual Fund ledgers)
- Bank Statements
- Bank Reconciliation
- Trial Balance
- Year-end financial statement
- Receipt Books and Logs
- Purchase Order and Blanket Purchase Order Logs
- NSF Checks
- List of Outstanding Checks
- Voucher File
- Receipts and deposit slips
- Investment Documents (savings accounts statements, CD’s, etc.)
- Any other records used
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