Summary Budgeting and Reporting

Specified Audit Procedures - Limited

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 subsequent events defined as events with a potential impact of $5M or more) 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.

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 Divisions’ 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.

Accounts Payable, Accrued Charges, Provisions and Deferrals

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