Risk Awareness in School Districts
If you had to grade your school district’s performance related to how well it manages and controls the financial risks it faces, would it pass or fail? Many school districts assume that their financial internal controls are designed and operating well to prevent mismanagement and misappropriation, only to later find out that the district’s assets and resources are at risk.
The following are the five most commonly reported audit findings among Missouri and Illinois school districts:
- There is no accountability for fuel usage (busses and other machinery).
- Purchasing credit cards are improperly used and issued.
- Technology lacks proper safeguards, such as password policies and encryption.
- Accounting controls lack segregation of duties and there are no formal policies in place to safeguard cash and receipts.
- Assets are not properly accounted for or disposed of properly.
Our risk advisory experts compiled a white paper outlining the 10 most common risks facing school districts in Missouri and Illinois and how to strengthen controls within each area. By increasing awareness and providing suggestions to mitigate and monitor these risks, the Brown Smith Wallace risk advisory experts hope to help school districts avoid these same mistakes. To receive a free copy of the white paper, please fill out the form below.
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