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Questions & Answers pertaining to the Auditing Services RFP dated 4-19-16

1.  Question:  Are all cash accounts reconciled on a monthly basis to general ledger cash account balances? 

Answer:   Yes

2.  Question:   Are there any funds or accounts that are not recorded in Munis?  If so, please explain.      

Answer:  Yes, student activity funds.

3.  Question:   Has the District performed a risk assessment and/or internal audit recently?  If so, please explain/provide details.  

Answer:    No

4.  Question:   Have there been any recent investigations by federal and/or state agencies or allegations of fraud? 

Answer:     There was an investigation into the Driver's Education program in fiscal year 2014.  The program is no longer managed by the school district.

5.  Question:    Has there been any recent turnover in key financial staff that would have a negative impact on the District’s ability to reconcile and close the books in a timely manner? 

Answer:     No

6.  Question:   Were there many audit adjustments in the prior year? 

Answer:     No

7.  Question:   Was a management letter issued in the prior year?

Answer:     No

8.  Question:    If so, would we be able to obtain a copy?  

Answer:      N/A

9.  Question:    Does the scope of the audit include testing of student activity funds?  

Answer:     Yes

10.  Question:   If so, would student activity fund records be brought to the Business Office to be audited or would the audit staff need to visit each school?  

Answer:     Records will be brought to the Business Office.

11.  Question:   The RFP requires audit fieldwork to be completed by September 30 and draft reports issued by October 15, however the 2015 audit was completed in March 2016.  What was the reason for the delay in completing the 2015 audit?

Answer:     We were waiting for the audit report from the City Retirement System addressing GASB #68.

12.  Question:    Does the District or the Auditor compile/prepare the Management’s Discussion and Analysis section? 

Answer:     District

13.  Question:    Page 19 of the District’s 2015 financial statements reflect a transfer out of $2.092k.  Where was this transferred to?

 

Answer:     Expendable Trust Funds.

14.  Question:    Does the District maintain the accounting records for the component unit, the Vocational Partnership Foundation?

Answer:     No

15.  Question:  Can we receive a copy of your most recent audited financial statements, management/governance letter, and single audit report?

Answer:  A copy of our most recent audited financial statement can be accessed on our website by following the this link:  http://finance.mansd.org/audit-reports.  The management/governance letter is not available. This information is intended solely for the use of the Board of School Committee and management of the Manchester School District and is not intended to be, and should not be used by anyone other than these specified parties.

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