Administering the School Budget &Accounting and Auditing Name Institution Accountability in public funds and assistance in educational decision making is an indispensable tool for a school district. It may be used in ensuring that the financial report of a school gets the financial statements and categories of group funds…
A comprehensive and aligned education program should give out the data that are necessary in answering questions like who finances education, how funds are allocated, how many funds are spending on the program, and how education resources are aligned to the achievement of students (Brimley, Rulon, Garfield, et.al, 2008). For these questions to be answered, a system of education requires more components than just finance. It needs a system of staff records, record of students, property system, program component, and a system of community service. The system of instructional agreement can be directed to records of students. This will give policymakers a Herculean analytic capability that would make timely and cost-effective decisions. This paper reports on incidents of misuse of funds that might have been avoided if a proper accounting and auditing practices had been followed. The paper discuses a situation in one of the school districts in Fentress County Tennessee. A school needs to be concerned with the achievement of a bottom line that is profitable. Many education entities have an expectation of being in a position that is breakeven whenever an academic year ends. In York elementary school, in Fentress County Tennessee, the situation is particularly different. ...
This audit established that approximately $ 125,000 had been allegedly paid to unperformed work. The auditing statement showed out that there had been some misused credit cards. In this regard, the credit card of the school was used to purchase more than $ 3,500 of personal purchases that were unauthorized. This is what made the state Bureau to allege misconduct in this school. According to the audit made, no employee had been resigned from his position due to the prior audits. When the school’s principal was asked to give out an explanation for the situation, he argued that all employees in a school are administrators and that they should always make purchases even without their boss’s authorization. Additionally, a charge had been split in order to obtain the limit of the credit card. In this case, the principle added that there were some corrective measures that had already been taken in maintaining the school district. However, the measures taken had not been realized; therefore, the audit concluded that there was a failure in compliance of York elementary school with the districts' procedures and policies in the school’s financial oversight and accounting. This was a terribly serious situation in the school. This report was displayed as parents and students of this school were protesting the decision of the district to put one principal on leave. After this audit, an investigation concerning the school’s financial system was set. The investigation on York elementary school reported that the school district failed to have a reliable internal control. This means that the internal control was not appropriate to prevent the misuse of specific assets. A number of employees of the school made a confirmation to the ...
Cite this document
(“Administering the School Budget & Accounting and Auditing Essay - 2”, n.d.)
Retrieved from https://studentshare.net/education/70319-ypadministering-the-school-budgety-ypaccounting
(Administering the School Budget & Accounting and Auditing Essay - 2)
“Administering the School Budget & Accounting and Auditing Essay - 2”, n.d. https://studentshare.net/education/70319-ypadministering-the-school-budgety-ypaccounting.
Administering the School Budget Abstract The purpose of this piece of work is to investigate the administrative role of district school budgeting responsibility. In additionally, it gives clear emphasizes on accounting and auditing. Administering the School Budget The administrative budget of public school, need to conduct a thorough financial accounting, and auditing assessments.
During this period, a relatively small number of accounting firms could perform audits for a relatively large number of entities. Professional accountants and auditors could render reports on the financial performance of different entities and could work for different investor groups.
School budgets are of central value to the functioning of any school and the efficiency in the admijnstering of the school budget has a long term validity as it is based on the budget that every activity and program of the school functions. The time span of the budget is important for the effective implementation of it and its planning needs to be done ahead of time in order to avail the amount of money needed for its implementation.
This paper will be conducting an analysis of the processes adopted in developing the school district budget within the California area. A common practice in developing any kind of budget is to collate and factor in the views of all groups and institutions that have a stake in the budget (hdsb.ca/business/Budget).
The factors include intimidation, self -interest and the like. The auditors opinion gives credence to the financial statements. The following paragraphs explain that independent auditors are the rule and not the exception (Snyder 2002).
In question 1 the different threats of independence as it is one of the most crucial characteristics of auditor. In question 2b, the ethical dilemma of the employee of a firm has been analysed with different point of view. In question 3 the liability of an auditor
There may some benefits of concentration but concerns about high audit costs, lack of competition, and risks of destabilization of capital markets may prove fatal if emergent measures are not taken. Theses issues of audit
structured district’s administration should focus on defining the classification of account which would give out a meaningful management of finance information for all its users. This is a vital part of the auditing, accounting, and reporting that is needed for public
Online reading materials may abound but the shorter ones are more attractive to audiences because this allows them to gain more information in a short time. Nevertheless, meditation or deep thinking is often missed out in reading short, online
1 Pages(250 words)Essay
GOT A TRICKY QUESTION? RECEIVE AN ANSWER FROM STUDENTS LIKE YOU!
Let us find you another Essay on topic Administering the School Budget & Accounting and Auditing for FREE!