This year T.E.A. has implemented a new procedure REQUIRING school district personnel to go online and confirm the data submitted in the AUDIT DATA FEED. Their objectives are to insure that the data feed numbers are consistent with those in the pdf financial statements. Click here for a document provided by T.E.A providing detailed instructions for this procedure. THESE PROCEDURES MUST BE PERFORMED NO LATER THAN THE January 28th filing deadline. If all reports - the PDF file, the Audit Data Feed AND these finalization procedures are not done on or before the January 28th deadline, the school district will fail FIRST!
Please be sure to run the check routines first before you submit and finalize the audit data feed. The check routines are in AUDIT-L.E.A. or you can find them on page 189 of Texas Schools Accounting and Auditing Update – 2013, the handout materials for our update classes last year. (If you have lost your copy of Texas Schools Accounting and Auditing Update – 2013, you can download it from the EdMIS web site by clicking here.
Please remember that T.E.A. does not require the Audit Data Feed to include the numbers in the non-major governmental column on Exhibits C1 and C2. Only the data from the major fund columns and the Total Governmental columns will be reported. Exhibit A1 will have only one column if your district has no business-type activities or component units, but in the data feed you will have a duplicate column for the total primary government. Deferred resource flow items will not be itemized; only the totals go into the audit data feed. Also remember that unamortized premium or discounts on bonds is included in the 2502 number on Exhibit A-1 but is broken out from that number in the Audit Data Feed. The number in 2501 on A-1 should equal the sum of the 2502 and 2516 in the Audit Data Feed
Powerful Analytical Tools to Audit, Manage and Prepare Reports for Texas School Districts!
SAVE TIME AND MONEY!
Using AUDIT-L.E.A., School Districts can get their financial data in order so that the auditor does not have to spend time "cleaning up the data". This helps the auditor maintain independence! When the auditor can have confidence in the data provided by the District, less audit time is required!
AUDIT-L.E.A. is a powerful tool for school district management. It does much more than prepare financial statements! School Districts can use AUDIT-L.E.A. to prepare monthly reports OR interim reports to see if the district is “on track” for meeting GAAP and T.E.A. requirements. Filters and queries allow analysis of particular funds, functions and/or PIC codes to monitor compliance with State and Federal requirements. With tight budgets, this may be more important than ever!
Release 17 implements GASB 63 and GASB 65 throughout all exhibits - fund level, government-wide and combining statements.
AUDIT-L.E.A. can assist districts in “overseeing” the year-end accounting adjustments and the conversion and consolidation adjustments necessary to prepare the government wide statements. WITH AUDIT-L.E.A. DISTRICTS CAN DEMONSTRATE COMPENTENCY as required by GAO and AICPA. Some Districts may wish to generate their own financial statements.
AUDIT-CITY RELEASE 10.0 for FY 2013 is now ready to download and ship. Place your order today!! There are many features we believe you will love! AUDIT-CITY incorporates all of the changes required by GASB 63 and GASB 65. The auditors' reports have been revised according to the latest AICPA Guides. Let AUDIT-CITY help keep you current!
AUDIT-CITY Release 10 provides many routines for you to use to filter, query, and analyze trial balance data and then export or print the results. This is a valuable tool in conducting the audit and in preparing the ANNUAL REPORT for Cities, Counties or other Governmental Entities! BEGIN WITH THE TRIAL BALANCE AND END WITH THE FINANCIAL REPORT.
Use the powerful check routine to ensure the accuracy of the report.
Lead sheets and Budget to Actual reports and Current Year to Prior Year comparisons are available at either the account level or at an aggregated level.
EdMIS brings you a software package for gathering trial balance data, entering and recording adjusting entries, gathering data into data files, and producing a GASB or Cash-Basis OCBOA annual report for governmental entities. The analytical routines and reports are excellent audit and management tools and the drill down routine allows you to see in an instant what accounts in the trial balance compose a single item in the financial report.
In creating AUDIT-CITY for cities and counties, we have incorporated many of the outstanding features of AUDIT-L.E.A. — a successful audit/report generator used by school districts and their auditors for over 20 years.
EdMIS offers CPE for courses relating accounting, auditing, compliance monitoring and reporting for local governmental entities. The courses are all live and interactive and taught by the individuals who develop the course materials. The courses are available for CPE credit through NASBA. The instructional materials include reference material and useful links to other available resources.
CPE courses are taught in both the group live and the internet based group live formats. The internet based group live courses are usually smaller and provide ample opportunity for discussion and questions.
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