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Report Number: 2009-079
Report Title: Review of Charter School, Charter Technical Career Center, and District School Board Audit Reports Prepared by Independent Certified Public Accountants
Report Period: FYE 06/30/08
Release Date: 12/29/2008
Pursuant to Section 218.39, Florida Statutes, certain district school boards and all charter schools and charter technical career centers (charter schools) are required to obtain annual financial audits conducted by independent certified public accountants.  We are required to review all charter school and district school board financial audit reports submitted pursuant to Section 218.39(8), Florida Statutes.  Audit reports for the fiscal year ended June 30, 2007, were required to be submitted to us within 45 days after delivery of the audit report to the charter school or district school board’s governing body, but no later than 12 months after the end of the fiscal year (June 30, 2008).  We reviewed audit reports for 344 charter schools and 16 district school boards and determined that the audit reports were generally presented in accordance with generally accepted government auditing standards, generally accepted accounting principles, and Rules of the Auditor General.  However, we noted instances in which the audit reports were not submitted timely or were not prepared in accordance with all applicable requirements, as follows:

Finding No. 1:    Timely Submission of Annual Financial Audit Reports

Audit reports for 14 charter schools were not submitted to us.  These charter schools were closed during or subsequent to the 2006-07 fiscal year.  Audit reports for 41 charter schools and 9 district school boards were not submitted to us within 45 days after delivery to the governing bodies.  Additionally, audit reports for 4 charter schools and 1 district school board were received after the June 30, 2008, deadline.

Finding No. 2:    Documentation of Date of Delivery of Annual Financial Audit Report to Governing Body

Correspondence accompanying 21 charter school audit reports and 1 district school board audit report did not indicate the date that the audit reports were delivered to the governing body.  This information is necessary to demonstrate compliance with audit report submission requirements.

Finding No. 3:    Completeness Reviews

Our completeness reviews of audit reports received for 344 charter schools and 16 district school boards disclosed instances of noncompliance with certain requirements, primarily related to the auditor’s reports or management letters and auditee responses thereto, financial statements, and notes to financial statements. 

Finding No. 4:    Comprehensive Reviews

Our comprehensive reviews of samples of audit reports disclosed instances of apparent noncompliance with certain requirements, primarily related to the presentation of financial statements, notes to financial statements, and required supplementary information (management’s discussion and analysis and budgetary comparison schedules).