Summary and Budgeting Reporting

Specified Audit Procedures - Comprehensive

For the Year Ended March 31, 2018

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General Procedures

  1. Enquire of management about the existence of any unreported contingencies, commitments and related party transactions not previously disclosed in the June 30, 2017 audited financial statements. Include details of any items in the report provided to the Office of the Auditor General.
  2. Enquire of management about any significant (defined as events with a potential impact of $5M or more) subsequent events that would require disclosure or accrual in the March 31, 2018 financial information. Include details of any events in the report provided to the Office of the Auditor General.

Cash/Bank Overdraft Procedures

  1. Obtain the bank reconciliation for March 31, 2018. Agree the balance per the GL to the reconciliation. Agree the balance per the bank reconciliation to the bank statement. Review the reconciliation for clerical accuracy. Agree individual reconciling items > $100,000,000 to supporting documentation (Cancelled cheque, deposit book, etc.).

Amounts Due From

  1. Agree amounts due from the Provincial and Municipal governments (> $500,000) at March 31, 2018 to supporting documentation. Ensure the amounts are properly accrued for in the correct classification at March 31st, and that accruals made in the previous year have been reversed

    In accordance with MASBO’s Finance Committee Guidelines for the March 31st accrual of the special levy, ensure that the school division has accrued ˝ of the spring portion of the Division’s Special Requirement.


Tangible Capital Assets

  1. For the year ended March 31, 2018 substantiate additions or disposals over $500,000 to supporting documentation.

    Ensure that the additions capitalized are in accordance with the tangible capital asset policy for school divisions as established by the Schools Finance Branch.

  2. Recalculate/estimate the amortization expense for the year ended March 31, 2018. Determine if the amortization expense in the financial information is reasonable.

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Accounts Payable, Accrued Charges, Provisions and Deferrals

  1. Agree the accrued salaries and benefits liability as at March 31, 2018 to supporting documentation.

Revenues – Municipal Governments

  1. Agree the Special Requirement and Education Property Tax Credit amounts disclosed on the Operating Fund - Revenue Detail schedule to supporting documentation.

Salaries and Benefits

  1. For the period of July 1, 2017 to March 31, 2018 test 1 employee per month.  Verify the gross pay and benefits per the payroll register to supporting documentation such as a contract or collective agreement. Trace the supporting documentation to the 2018 total salaries expense.

    or

    If a control reliance approach was used to audit payroll for the June 30, 2017 audited financial statements, test the key controls from July 1, 2017 to March 31, 2018. Key controls enhance the reliability of the financial information and could include management and monitoring controls and processing controls. Processing controls could include both manual control procedures and application controls for the payroll system.

    If a control reliance approach is used, ensure that there have been no significant changes in processing controls or the related ITGC (if relying on automated controls) since the June 30, 2017 year end.

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