Interview with the Business Manager on Financial Audits

            My interview with Lyndal Cabaniss, Director of Finance at Salado ISD, lasted this entire class.  We have had great dialog thru this course and I have increased my knowledge greatly.  More importantly, I have learned that once you find a great financial director, you hold on to them.

            The external auditor is selected by requesting qualifications, experience, cost and accessibility.  It is up to the district who they select, but these four qualifications are the most important.  The audit is conducted based on the Financial Accounting System Resource Guide, which is a checklist for auditors.  Just as large businesses have many transactions, so does a school district.  Remember, your school district is probably the largest employer in your area and there are many opportunities for theft and fraud to occur.  All transactions could not be checked but the auditor operates on a sampling and confirmation system.  This system asks for a certain amount or area of data and checks for errors and security.  The audit will conclude with the general checks and balances of the system, accountability, possible fraud and budgets and how they are followed.  The audit is presented to the chief financial officer and the superintendent before it is presented to the board of trustees in a meeting.  After those two points have been communicated to, the audit is available to the public through the TEA.