Trustees approved the results of the annual comprehensive audit of RISD finances after a presentation by a representative of the Districts external auditors, Whitley Penn, during the board’s November regular monthly meeting.
State law requires all school districts be audited annually. RISD receives more than $750,000 in federal funds, which requires additional audit procedures. The audit looks at the internal controls over critical areas as well as compliance with laws and regulations. Some of these areas include human resources, payroll, procurement, accounts payable and information technology.
The audit shows RISD received an unmodified or clean opinion, meaning all “financial statements are correct in all material aspects.” Auditors found no material weakness, no significant deficiencies, nor any instances of noncompliance.
