Stafford County Schools' Accounting Accurate:
Independent Study Affirms Correct Accounting Practices
The FY2007 cash reconciliation issues involving a $5.6 million error were discussed at the Stafford School Board meeting on Tuesday, September 8. A report presented by Robinson, Farmer, Cox Associates Certified Public Accountants validates the financial and regulatory reporting the school division filed for fiscal year 2007 and indicates that there was no $5.6 million error made.
In a statement to the School Board, Superintendent David Sawyer expressed that "based upon my review of the results, Stafford County Public Schools made no payroll accounting errors and, therefore, there is no balance available that can be attributed to such errors. This conclusion is supported by the Stafford County Public Schools' General Ledger and its audited financial statements for the fiscal year in question."
"The report clearly demonstrates that the earlier conclusion reached by those examining this issue was based on incomplete and inaccurate financial analyses. Specifically, the previous review omitted or included by mistake several General Ledger postings leading to false conclusions. The details of these erroneously omitted or included entries are explicitly identified and documented in separate and distinct schedules producing what is, in my opinion, indisputable evidence of proper accounting and reporting as well as a balanced bottom line," he concluded. [Click here to read Dr. Sawyer's complete comments.]
A meeting of the Office of the Treasurer, the County Government and the School Division will be held on September 16th along with the auditors where it is the School Division’s hope that a mutual agreement concerning the findings and conclusions of the work performed related to this issue will be reached.
The Report on Agreed-Upon Procedures
School Payroll and Related Cash Disbursements
for Fiscal Year Ending June 30, 2007
Individual documents in the report are available by clicking below.
Independent Accountant’s Report on Applying Agreed-Upon Procedures Page 1- 2
Exhibit 1: School Payroll Cash Disbursements
Exhibit 2: Payroll Cash Transfer Reconciliation
Exhibit 3: Payroll Expenditure Reconciliation
Exhibit 4: Quarterly Form 941 Reconciliation
Appendix: Stafford County Treasurer’s Office Agreed-Upon Procedures Report
