A third-party consultant has been enlisted to help resolve an ongoing discrepancy that led to a Connecticut public school district being more than one year late to submit its audit for Fiscal Year 2010, according to The Register-Citizen.
Joanne Zatarain, a certified public accountant conducted a series of investigations into the finances of Winchester Public Schools, including an accounts payable audit. She was able to pinpoint a discrepancy of more than $46,000 that had occurred as a result of stimulus funds provided by the American Recovery and Reinvestment Act. Specifically, the financial software package used by the district did not have a standard accounting practice for such grants.
The school district's finance director, Paul Petit, told the news source that his district's payroll, accounts payable, and revenue accounts all matched figures given to the Winchester government. He forecasted that the necessary paperwork is on-target to be delivered to the town auditor by the end of this month.
Conducting regular AP audits and other financial checks can help districts identify and address inconsistencies before it comes time for end-of-year reporting, thereby mitigating any resultant delays.