The Aiken County school district has received a clean audit and was awarded the Certificate of Excellence in Financial Reporting Award through the Association of School Business Officials International.
Elliott Davis LLC, the external auditors for the Consolidated School District of Aiken County, presented the audit for the fiscal year ended June 30, to the School Board at its last meeting.
“Our audit opinion is an unqualified clean opinion which is the highest level assurance we can provide,” said Tim Grow, shareholder with Elliott Davis LLC.
The District will submit its June 30 audit for that award as well as the Government Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting Award. The District’s general fund balance was slightly more than $26 million and nearly the equivalent of two months’ operating costs, the level recommended by the GFOA. The fund balance increased approximately $1.2 million during the 2011-2012 school year.
The district’s fiscal health and sound business practices are evident based on the results of its audit as well as Standard & Poor’s recent upgrade in the district’s bond ratings in conjunction with its August 2012 bond issuance.
The auditors also noted no findings during their tests of internal controls over financial reporting, tests of compliance with laws, contracts, grants and similar that could have a significant financial impact if there were instances of noncompliance, and single audit testing. A copy of the CAFR will be posted on the District’s website.