Audit Committee October 18, 2005 minutes

Poudre School District Audit Committee MINUTES October 18, 2005 Members Present Debbie Bostak, Community Member, Chairperson Ross Cunniff, President, Board of Education Molly Janzen, Controller, Poudre School District Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Terri Sunset, Community Member Nancy Tellez, Member, Board of Education Cheryl Zimlich, Community Member Updates The minutes from the Audit Committee meetings held August 10, 2005 and August 17, 2005 were approved. Questions were raised about whether posting minutes of the Audit Committee meetings is necessary. Minutes need to available but do not need to be posted. Sample and Bailey Preliminary Audit Update Steve Collins updated the Audit Committee on preliminary audit results for fiscal year 2005 as follows: • Fieldwork is substantially complete—it will be about a two-week process to draft and proof the financial statements. • An “exit conference” is scheduled with Dr. Jerry Wilson on October 20, 2005. • The district’s financial statements will incorporate charter school information. Charter schools and the PSD Foundation appear in the district’s statements as discrete component units. Sample and Bailey conduct the audits of the component units. Payment for audit services is made directly by the schools and foundation. • One adjusting entry currently being considered by Sample and Bailey is to possibly increase ...