Keystone lauded by state auditor

Keystone Local School District has qualified for the Auditor of State Award with Distinction.

After a recent financial audits by Auditor of State Keith Faber’s office, good record keeping has qualified Keystone Schools for the award, according to a news release from Faber.

“Accurate bookkeeping is a critical component of efficient, effective and transparent operations,” he said. “This award honors the hardworking officials who are diligent in accounting for the taxpayer’s money.”

The Auditor’s Office presents the Auditor of State Award with Distinction to local governments and school districts upon the completion of a financial audit, the release said.

Entities that receive the award meet the following criteria of a “clean” audit report: must file financial reports with the Auditor of State’s office by the statutory due date, without extension, via the Hinkle System, on a GAAP accounting basis and prepare a Comprehensive Annual Financial Report; and the audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, Uniform Guidance (Single Audit) findings or questioned costs.

Also, the entity’s management letter contains no comments related to: ethics referrals; questioned costs less than the threshold per the Uniform Guidance; lack of timely report submission; bank reconciliation issues; failure to obtain a timely Single Audit in accordance with Uniform Guidance; findings for recovery less than $500; public meetings or public records issues; and the entity has no other financial or other concerns.