SEA Webinar Series Annual Independent Audits
As part of the NCSRC's SEA webinar series, this presentation focuses on financial audits and SEA review processes. Surveys indicate that the majority of authorizers require schools to submit an annual, independently-audited financial and compliance report. Two SEAs, New York State Education Department and Florida Department of Education, presented on how they use financial audit statements to do a financial analysis of the charter schools, whether they are the authorizer themselves or they oversee other authorizers in the state. These SEAs also discussed how they assist authorizers in examining and reviewing school audits. Specifically, New York presented the metrics they use to identify financial red flags for schools needing continued examination. Florida presented on their financial review response, guided by their state principal and standards, for schools identified as financially distressed. Erin Pfeltz, from the U.S. Department of Education – Charter Schools Department, provided an introduction to the federal regulations and SEA assurances surrounding annual independent audits. The webinar shares effective practices for an audit review, including indicators used to identify schools in financial distress. Presenters also elaborated on measures for timely resolution and correction of audit findings and exceptions.