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Sample Audited Financial Statement

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					B.    Auditor Control Totals

      SGSE Application:

                              School Finance
                                 Auditor Amounts




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      (i)    Access to the Auditor Amounts module

             Only auditors that have been authorized on the SGSE system by a school
             division may access the Auditor Amounts module and enter auditor control
             totals. Auditors will be able to log on to the SGSE system from their office or
             at the school division’s office using the auditor’s own user i.d.

             School divisions may view the data that has been entered by their selected
             auditor by printing the Audit Data report (Other Reports module – Audit
             Data). A comparison of the auditor control totals to the school division’s data
             is provided on page 1 of the school division’s Financial Verification report.
             The Financial Verification report is available only to the school division, and
             not to the school division’s auditor.

      (ii)   Purpose of the auditor control totals for audited financial statement data

             The control totals entered by school division auditors provide verification that
             the data entered into the SGSE system by school divisions matches key data
             in the audited financial statements.

      (iii) Auditor control totals

             Auditors will enter the following 14 control total amounts from the audited
             financial statements for the school divisions they audit:

             Statement of Financial Position – page 1
             1.) School Position              current year total
             Statement of Financial Activities and Fund Balances – page 2
             2.) Total Revenue                current year consolidated
             3.) Total Expenditures           current year consolidated
             4.) LT Debt Issued               current year consolidated
             5.) LT Debt Repaid               current year consolidated
             6.) Surplus (Deficit) for the Yr current year consolidated
             7.) Closing Fund Balance         current year consolidated
             Statement of Tax Accounts – page 12
             8.) Total                        Penalty
             9.) Total                        Current Levy
             10.) Total                       Grants-in-Lieu
             11.) Total                       Trailer Fees & Adjustments
             12.) Total                       Discounts & Cancellations
             Statement of Tax Assessments – page 15
             13.) Total                       Total Taxable Assessment
             Statement of Tax Exempt Assessments – page 16
             14.) Total                       Total Exempt Assessment




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      (iv) SGSE verification of data to auditor control totals

            The SGSE system will check the auditor control totals against the school
            division’s data when the school division runs the Financial Verification
            report. The school division may run this report at any time. This report is not
            available to auditors. As well, the SGSE system will automatically run the
            verification checks when a secretary-treasurer initiates approval of the audited
            financial statement data.

            To allow for rounding differences, the SGSE system permits a difference of
            plus or minus 10 between each of the auditor’s control totals and the amounts
            generated from the school division’s data.

      (iv) Audit Data report

            Auditors and school divisions will be able to print a report that lists the
            auditor’s control totals (see Other Reports – Audit Data).


      (v)   Entering and editing the auditor control totals


            Step 1 – Select “Auditor Amounts” from the School Finance menu:

                 Highlight “Auditor Amounts” and left-click with the mouse or click on
                  the “Enter” key on the keyboard.




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            Step 2 – Create audit data for a school division




            From the Search Audited Amount screen, click the “New” button (lower right
            on the screen) in order to create a new record for a school division.

            The system will take you to the Insert Audited Amount screen:




             -   School Region: select from the drop-down menu
             -   School Division: select from the drop-down menu
             -   Year: select from the drop-down menu

            Note: Only those School Divisions that have identified your firm on the
            SGSE system as their auditor will appear in the School Region/School
            Division drop-down selections.




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            Hint: Each School Division is grouped within a School Region. If you do not
            know the School Region, select a School Region from the drop-down menu,
            then go to the School Division drop-down menu to see if the School Division
            is in that School Region. If it is not, go to the next School Region and repeat
            the procedure until you find the School Division that you are looking for.

            Enter each of the following 14 amounts from the audited financial statements
            (AFS) in the “Audited Amt” column on the screen:

             School Position (Acc. Deficit) – Consolidated
                  AFS statement: Statement of Financial Position – page 1
                  Amount: Current Yr Total (Consolidated)
                  Note: If the school division is in an accumulated surplus position,
                    enter the value as positive; if the school division is in an
                    accumulated deficit position, enter the amount as negative.
             Total Revenues – Consolidated
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2
                  Amount: Current Yr Consolidated – Total Revenues
                  Note: Enter the value as positive.
             Total Expenditures – Consolidated
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2
                  Amount: Current Yr Consolidated – Total Expenditures
                  Note: Enter the value as positive.
             Capital Debt Issued
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2
                  Amount: Current Yr Consolidated – Long Term Capital Debt
                    Issued
                  Note: Enter the value as positive.
             Capital Debt Repaid – record as positive
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2
                  Amount: Current Yr Consolidated – Long Term Capital Debt
                    Repaid
                  Note: Enter the value as positive.
             Surplus (Deficit) – Consolidated
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2
                  Amount: Current Yr Consolidated – Surplus (Deficit) for the Year
                  Note: If the school division has a surplus for the current year, enter
                    the value as positive; if the school division has a deficit for the
                    year, enter the amount as negative.
             Closing Fund Balance (Deficit) – Consolidated
                  AFS statement: Statement of Financial Activities and Fund
                    Balances – page 2


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                     Amount: Current Yr Consolidated – Closing Fund Balance
                     Note: If the school division is in an accumulated surplus (positive
                      Fund Balance) position, enter the value as positive; if the school
                      division is in an accumulated deficit (negative Fund Balance)
                      position, enter the amount as negative.
               Stmt Tax Accounts – Total Penalty
                    AFS statement: Statement of Tax Accounts – page 12
                    Amount: Penalty column - Total (for all municipalities combined)
                    Note: Enter the value as positive.
               Stmt Tax Accounts – Total Current Levy
                    AFS statement: Statement of Tax Accounts – page 12
                    Amount: Current Levy column - Total (for all municipalities
                      combined)
                    Note: Enter the value as positive.
               Stmt Tax Accounts – Total Grants in Lieu
                    AFS statement: Statement of Tax Accounts – page 12
                    Amount: Grants-in-Lieu - Total (for all municipalities combined)
                    Note: Enter the value as positive.
               Stmt Tax Accounts – Total Trailer Fees & Adj. – Add (Deduct)
                    AFS statement: Statement of Tax Accounts – page 12
                    Amount: Trailer Fees & Adj. – Total (for all municipalities
                      combined)
                    Note: If the amount is an addition in the current year (i.e. revenue
                      increase), enter the value as positive. If the amount is a deduction
                      in the current year (i.e. revenue reduction), enter the value as
                      negative.
               Stmt Tax Accounts – Total Discounts & Cancellations
                    AFS statement: Statement of Tax Accounts – page 12
                    Amount: Disc. Cancel – Total (for all municipalities combined)
                    Note: Enter the value as positive.
               Statement – Total Taxable Assessment
                    AFS statement: Statement of Tax Assessments – page 15
                    Amount: Total Taxable Assessment – Total (for all municipalities
                      combined)
                    Note: Enter the value as positive.
               Statement – Total Exempt Assessment
                    AFS statement: Statement of Tax Exempt Assessments - page 16
                    Amount: Total Exempt Assessment – Total (for all municipalities
                      combined)
                    Note: Enter the value as positive.

            The “Auditor Comment” column on the Insert Audited Amounts Records
            screen is an optional column for your own discretional use. You may leave
            the column blank, or add comments that you will find useful for your own
            reference purposes.




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            Notes:
             Amounts are entered as positive values, unless otherwise specified.
             Amounts may be entered to two decimal points or rounded to the nearest
               dollar. To allow for rounding differences, the SGSE system permits a
               difference of plus or minus 10 between each of the auditor’s control totals
               and the amounts generated from the school division’s data.
             To move to or between data entry cells, you may click on the cell or use
               the Tab key.
             To access the lower part of the data entry screen, or to return to the top,
               use the scroll bar on the right side of the screen.

            See Appendix I – Sample Auditor Control Totals for an example of auditor
            control total data and where the amounts are located in the audited financial
            statements.

            Saving the audit data record

            Once you have completed entering the data for the school division that you
            have selected, click the “Save/Next” button on the bottom of the Insert
            Audited Amount screen:




            The SGSE system will take you into a new blank Insert Audited Amount
            screen where you may select and enter data for another school division, if
            required. If you have no further school divisions to enter data for, click the
            “X” at the top right corner of a blank Insert Audited Amount screen. The
            system will then take you back to the Search Audited Amount screen.

            Note: If you attempt to create a new record for a School Region/School
            Division/Year for which you have already created data, the system will give
            you an error message: “Error: Initialization failed: Identical record/s has
            already been created”. Click “OK” and the system will come back with the
            following message: “Do you want to save the changes you have made”. Click
            “No” and the system will take you back to a blank Insert Audited Amount
            screen. If you have no further school divisions to enter new data for, click the
            “X” at the top right corner of a blank Insert Audited Amount screen. The
            system will then take you back to the Search Audited Amount screen.

            If you would like to edit data that you have previously entered for a school
            division, follow the procedures outlined in Step 3: Edit audit data for a school
            division.




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            Step 3: Edit audit data for a school division

            If you need to edit data that you have previously entered for a school division,
            or if you want to review the data, you may do so by doing a search for the
            data through the Auditor Amounts module - Search Audited Amount screen.




              Options for searching for school division audit data records:

              (i)   Search for all school divisions for all years

              Leave the School Region, School Division and Year blank and click on the
              “Search” button at the top right of the Search Audited Amounts screen. The
              system will identify all of the audit data records that have been created for
              the school divisions for which you have been authorized, and will display
              those records in the Results area as follows:




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              (ii)   Search for all school divisions/all years within a school region

              Select a School Region, but leave the School Division and Year blank and
              click on the “Search” button at the top right of the Search Audited Amounts
              screen. The system will identify all of the audit data records that have been
              created on the system for the school divisions for which you have been
              authorized in the School Region that you have selected, and will display
              those records in the Results area, as follows:




              (iii) Search for a specific school division/all years

              Select a School Region and School Division, but leave the Year blank and
              click on the “Search” button at the top right of the Search Audited Amounts
              screen. The system will identify all of the audit data records that have been
              created on the system for the School Division that you have selected, and
              will display those records in the Results area, as follows:




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              (iv) Search for a specific year/all school divisions

              Select a Year, but leave the School Region and School Division blank and
              click on the “Search” button at the top right of the Search Audited Amounts
              screen. The system will identify all of the audit data records that have been
              created on the system for the Year that you have selected, and will display
              those records in the Results area, as follows:




            Selecting a school division’s record:

            Once your search has identified the record that you are looking for, you can
            access the record by highlighting it in the Results area and then clicking on
            the “Select” button on the bottom right of the Search Audited Amounts
            screen. The system will then take you into the Display Audited Amount
            Records screen for that School Division/Year, as follows:




            Using the buttons located at the top left of the Display Audited Amount
            Records screen, you may now edit the data as follows:




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               To edit the data, click on the black up arrow (the update button). The
                system will take you into the Update Audited Amount Records screen:




                 To edit the data, highlighted, tab to or double click on the amount(s) you
                 want to change and enter the new amount(s).

                 When you have finished editing the data, click on the “Save/Next” button
                 at the bottom right of the Update Audited Amount Records screen. The
                 system will return you to the Update Audited Amount Records screen.
                 Click on the “X” at the top right of the Update Audited Amount Records
                 screen to exit the edit function and return to the Search Audited Amount
                 screen.

                To delete a record, click on the red “X” (the delete button). The system
                 will take you into the Delete Audited Amount Records screen:




                 To delete the audit data record for this School Division/Year, click on the
                 “Delete” button at the bottom right of the Delete Audited Amount
                 Records screen.




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                 The system will respond the question: “Do you wish to delete this record
                 and all its associated records”. Click “Yes”.




                 The system will delete the record and return you to the Display Audited
                 Amount Records screen (the data for this school division will now be
                 blank):




                  Click on the “X” at the top right of the screen to exit the delete function
                 and return to the Search Audited Amount screen.




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                 Step 4: Exit the Audited Amount module

                 To exit the Audited Amount module, click on the “X” button at the top
                 right of the Search Audited Amount screen:




                 The system will return you to the SGSE Application main page.

                 If you would like to print a report for audit data that you have entered,
                 see SG-SpEd School Finance - Auditor Amounts Manual: C. Other
                 Reports – Audit Data.




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