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Clean financially audited financial statements in Saskatchewan

According to the audit of the Saskatchewan Rivers School Division, the operating deficit in 2021 was close to $ 500,000, a significant decrease from the previous year’s surplus of more than $ 1 million.

Chief Financial Officer Gerold Pidoborotinsky updated the division’s financial position at its regular board meeting on Monday with a presentation on audited financial statements for the fiscal year ending August 31.

The department auditor is the MNP and the audit is sent to the Ministry of Education for final approval. The number is included as part of the department’s annual report.

The Board of Directors contracts with an external auditor each year to review the department’s financial management and records.

Education Director Robert Bratvold explained that the board would receive the information, confirm it, and then be part of the annual report to be submitted to the ministry the following week. The ministry will then review the audited report and make it publicly available in the December annual report.

“If you look at your financial statements and don’t know that a pandemic is happening, you may be a little confused. Why didn’t you notice this level of revenue from these additional costs,” Bratbold said. .. ..

Pidborochynski said in his report that when the audit was reviewed by the Ministry of Education, he expected some small adjustments, but nothing big.

During a private session of the meeting, representatives of MNP’s audit firms and state audit offices reported on their annual audits.

With the COVID-19 pandemic funding allocation, the department received approximately $ 5 million in additional funding.

According to the audited statement, the operating deficit in 2021 was $ 497,779, a significant decrease from the surplus of $ 1,066,986.

In his presentation, Piborochynski explained that the numbers were more variable throughout the report than would normally be seen with COVID-19 funding.

Bratvold said audited financial information is a reassuring item as it checks what is being monitored all year round.

“It is the perspective of an external third-party auditor that all financial controls are in place and that there is a good process for carefully monitoring, tracking and recording expenses. The auditor is Gerold and our team. That’s just a good sense of security, as I’m saying very positive things about it, “Bratbold said.

Both local and state auditors have shown that Saskatchewan Rivers financial institutions are in good shape. With strong evidence of effective and proper financial management and accounting, MNP has issued a “clean audit” to the department.

Bratvold himself finds that audited finance is a useful exercise each year.

“I think part of that is knowing where the expenses are heading and what these different lines mean,” he explained. “I find it really attractive. It sounds strange to many, but when we go through fully audited finance, I find it really attractive.”

Another aspect that Bratvold appreciates is account details.

Both auditors praised Pidborochynski and the finance team for a year of careful work and collaborative work with the auditors during the audit process. Total revenue increased from $ 107,103,196 to $ 110,550,339. Total expenses increased from $ 1,06,986 in 2020 to $ 111,048,178 in 2021.

One aspect of the decline due to the pandemic was school-generated funding, such as from school fundraising.

The cumulative surplus at the end of the fiscal year was approximately $ 87 million, a slight decrease from just over $ 88 million in 2020. Cumulative surpluses have evolved throughout the school district’s life.

The Board of Directors reports throughout the fiscal year to keep up with the situation.

“The board has a few questions here and there, but the other is that the board also keeps an eye on this. They regularly receive financial statements at the board table and review them there. And ask a question, “says Bratvold.



Clean financially audited financial statements in Saskatchewan

Source link Clean financially audited financial statements in Saskatchewan

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