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It details how to prepare and audit key financial statement areas such as cash, receivables, payroll and benefits, pension plans, investments, per-pupil funding, co-locations, management fees, operating reserves, and fraud considerations. It also covers financial statement presentation, internal control and compliance reporting, OMB Uniform Guidance single audits, agreed-upon procedures for CSP funding, and provides multiple appendix templates and auditor 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auditing standards and frequencies does the guide require for New York State charter schools?","Question",{"text":108,"@type":109},"The guide states that audits and procedures must align with GAAS and GAGAS, and that independent audits of financial statements are required at least once annually.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"Which auditor requirements are covered in the guide?",{"text":113,"@type":109},"It covers independence, continuing professional education (CPE), and peer review as core auditor requirements.",{"name":115,"@type":106,"acceptedAnswer":116},"What types of financial statement areas does the guide address during auditing?",{"text":117,"@type":109},"It addresses major accounts and topics including cash, accounts receivable, accrued payroll and benefits, pension plans, investments, per-pupil funding, co-locations, management fees, operating reserves, and fraud considerations.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},170509,1788272469,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":129,"doc_module":9,"category_id":8,"category_name":11,"doc_title":59,"doc_description":61,"doc_content":130,"file_id":131,"file_url":132,"file_type":133,"file_size":134,"view_count":20,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":135,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":125,"read_time":140},687197207919,"https://ap-avatar.wpscdn.com/avatar/a000253d6f5f7c60be?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779446848396160552","Charter School \u000bAudit Guide\n89 Washington Avenue      Albany      New York     12234\nNew York State\nEducation Department\nJuly 2018\nTABLE OF CONTENTS\nPage #\nINTRODUCTION\t1\nABOUT THE GUIDE\t1\nAUTHORITATIVE NATURE\t2\nBACKGROUND\t2\nSECTION 1: Audit Requirements and Deadlines\t2\nSECTION 2: Auditor Requirements\t2\nIndependence\t3\nContinuing Professional Education (CPE)\t3\nPeer Review\t4\nSECTION 3: Initial Statement of Controls\t4\nSECTION 4: Auditing Charter School Financial Statements\nCash\t6\nAccounts Receivable\t6\nAccrued Payroll and Benefits\t6\nPension Plans \t7\nInvestments\t7\nPer-Pupil Funding\t7\nCo-locations\t9\nManagement Fees\t9\nOperating Reserves\t9\nFraud Considerations\t10\nSECTION 5: Presentation of Charter School Financial Statements\t11\nStatement of Cash Flow\t11\nSchedule of Functional Expenses\t11\nEducation Corporations\t11\nRelated Parties \t12\nContributed Goods, Services and Other Assets\t12\nSECTION 6: Report on Internal Control Over Financial Reporting and on Compliance with Provisions of Laws, Regulations, Contracts and Grant Agreements (the “Yellow Book” report)\t13\nGeneral Requirements\t15\nAge, Grade Range, Number of Students\t15\nLottery System\t16\nHiring Procedures\t16\nInsurance Coverage \t17\nSECTION 7: OMB Uniform Guidance (Single Audits)\t17\nSECTION 8: Agreed-Upon Procedures Report on CSP Funding\t19\nAPPENDIX A – Template for Independent Accountant’s Report on the Initial Statement\t22\nAPPENDIX B – Template for Independent Accountant’s Report on CSP Funding\t25\nAPPENDIX C – Auditor Checklist for Audits of NYSED Authorized Charter Schools\t27\nAPPENDIX D – Sample Schedule of Functional Expenses\t30\nAPPENDIX E – Sample Reports on Internal Controls and Compliance - From AICPA Audit Guide, GAS and\nUniform Guidelines\t33\nAPPENDIX F – Finding Flowchart From AICPA Audit Guide, GAS and Uniform Guidelines\t41\nAPPENDIX G – Procedures to Consider During Lottery Observations and NYSED Weighted Lottery\nGuidance \t42\nAPPENDIX H – Accounts Receivable and Per-Pupil Aid Confirmation Template\t46\nAPPENDIX J - Additional Resources\t47\nAPPENDIX K – Definition of Terms\t48\n\u000f\nPlanning for 2019\nPlease submit suggestions for the 2018-19 Audit Guide to the attention of David Frank at \u0013 HYPERLINK \"mailto:CHARTERSCHOOLS@nysed.gov\" \u0014CHARTERSCHOOLS@nysed.gov\u0015. Items submitted throughout the year will be reviewed in January 2019 by the Audit Guide committee.\nWhat’s New in 2018\nSECTION 3 and APPENDIX A:  Clarify that both New York State charter school authorizers require an Initial Statement and Independent Accountant’s Report; update of the Independent Accountant’s Report template.\nAPPENDIX B: Update of the Independent Accountant’s Report on CSP Funding template.\nWhat Was New in 2017\nSECTION 6 and APPENDIX C:  Removal of certificate of occupancy and fire safety inspection documentation from internal control over financial reporting process\nMembers of the 2018 Audit Guide Committee:\nBarbara Acenowr\tKaren Burhans, CPA\tMichelle Cain, CPA\nKenneth Cerini, CPA \tDavid Frank\tSarah Hopkins, CPA\nValerie Kowalski\tChristopher Piedici, CPA\tGus Saliba, CPA\nIntroduction\nIn New York State (“NYS”), charter schools are defined as “independent and autonomous public schools” [Education Law §2853(1)(c)] and are authorized by the New York Charter Schools Act of 1998 (Article 56 of the New York State Education Law, (the” Act”)). NYS charter schools are legally organized as not-for-profit education corporations [Education Law §2853(1)] and are subject to the terms of a contractual agreement, or charter, between the school and the chartering entity which approved the school’s application for a charter. Charter schools are non-sectarian, tuition-free, open to all students residing in NYS, governed by the school’s own self-selecting board of trustees, and independent of existing school districts.\nThe Act authorizes several entities as “chartering entities” or “authorizers” that can receive and approve applications for charters and then conduct oversight and evaluation of the charter schools that the entity has app","cbCaiqVfW89fCw3H","https://ap.wps.com/l/cbCaiqVfW89fCw3H","docx",241387,53,"English","# Introduction\n## About the Guide\n## Authoritative Nature\n## Background\n# Section 1: Audit Requirements and Deadlines\n# Section 2: Auditor Requirements\n## Independence\n## Continuing Professional Education (CPE)\n## Peer Review\n# Section 3: Initial Statement of Controls\n# Section 4: Auditing Charter School Financial Statements\n## Cash\n## Accounts Receivable\n## Accrued Payroll and Benefits\n## Pension Plans\n## Investments\n## Per-Pupil Funding\n## Co-locations\n## Management Fees\n## Operating Reserves\n## Fraud Considerations\n# Section 5: Presentation of Charter School Financial Statements\n## Statement of Cash Flow\n## Schedule of Functional Expenses\n## Education Corporations\n## Related Parties\n## Contributed Goods, Services and Other Assets\n# Section 6: Yellow Book Report\n## General Requirements\n## Age, Grade Range, Number of Students\n## Lottery System\n## Hiring Procedures\n## Insurance Coverage\n# Section 7: OMB Uniform Guidance (Single Audits)\n# Section 8: Agreed-Upon Procedures Report on CSP Funding\n# Appendix A - Template Independent Accountant’s Report on the Initial Statement\n# Appendix B - Template Independent Accountant’s Report on CSP Funding\n# Appendix C - Auditor Checklist\n# Appendix D - Sample Schedule of Functional Expenses\n# Appendix E - Sample Reports on Internal Controls and Compliance\n# Appendix F - Finding Flowchart\n# Appendix G - Procedures for Lottery Observations\n# Appendix H - Accounts Receivable and Per-Pupil Aid Confirmation Template\n# Appendix J - Additional Resources\n# Appendix K - Definition of Terms","[{\"question\":\"What auditing standards and frequencies does the guide require for New York State charter schools?\",\"answer\":\"The guide states that audits and procedures must align with GAAS and GAGAS, and that independent audits of financial statements are required at least once annually.\"},{\"question\":\"Which auditor requirements are covered in the guide?\",\"answer\":\"It covers independence, continuing professional education (CPE), and peer review as core auditor requirements.\"},{\"question\":\"What types of financial statement areas does the guide address during auditing?\",\"answer\":\"It addresses major accounts and topics including cash, accounts receivable, accrued payroll and benefits, pension plans, investments, per-pupil funding, co-locations, management fees, operating reserves, and fraud considerations.\"}]","Charter School Audit Guide - July 2018 | DOCX",19]