The idea of the audit can invite stress, and it’s understandable to feel daunted by the need to address compliance and other issues while you’re focused on the day-to-day aspects of growing a school. The Charter School Audits Guide Preparing Your School for the Annual Audit offers a month-by-month breakdown schools can use to prepare, a process that can help stave off overhwhelm my preparing a little bit at a time.
Here’s what it looks like:
As seen in the chart above, month one is dedicated to the fiscal audit overall. That’s because month one is when schools have just completed the previous year’s audit, so first steps are about how to move forward from there. If you missed the blog post about Month 1, you can find it here.
Month 2 is dedicated to post-audit discussions. This month you will discuss the things that went well and things that
need improvement for the coming year.
Here’s what to consider in Month 2:
- Be proactive. Think thoroughly about the steps your organization should take before next
- Consider your auditor’s recommendations for your school. What internal controls did they suggest you add? Are there new policies or procedures that need to be put into place? What could use improvement? How could you manage finances differently?
- Be sure your corrective action plan (CAP) is up-to-date. This will ensure you’re your plans are ready to go when it’s time to submit to your authorizer.
Note: Not every school has a CAP or will receive one from audit results, so check with your authorizer.
It’s understandable to feel daunted by the need to address compliance and other issues while focused on the day-to-day aspects of growing a school—by breaking things down month-by-month, a school can be ready when the time comes. To take a deeper dive into this plan, download The Charter School Audits Guide Preparing Your School for the Annual Audit, a free guide for charter leaders.
What do you find especially challenging during your audits? What else would you add to the audit guide? Let us know in the comments.