Audit Committee November 15, 2005 minutes

Poudre School District Audit Committee MINUTES November 15, 2005 Members Present Debbie Bostak, Community Member, Chairperson Molly Janzen, Controller, Poudre School District Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Terri Sunset, Community Member Cheryl Zimlich, Community Member Updates The Audit Committee approved the minutes for the meeting held October 18, 2005. Sample & Bailey Audit Opinion and Adjustments Vicki Sweet, of Sample & Bailey, Certified Public Accountants, attended the meeting to report to the Audit Committee the results of the 2005 fiscal year audit. • Audit opinion—Vicki stated that Sample and Bailey issued an unqualified opinion on the financial statements presented in the Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2005. She also expressed that no findings or questioned costs relating to the Single Audit were discovered. Vicki explained that an audit conducted in accordance with GAAP is designed to provide reasonable, not absolute, assurance that the financial statements are presented fairly. • Audit adjustments and passed adjustments—Vicki provided the Audit Committee with a list of adjustments and passed adjustments. Audit adjustments included two entries related to the reclassification of balances and transactions related to certificates of participation activity. Principal and interest payments for the certificates of ...