LCS gets favorable ratings for district's annual external audit
Auditor says financial environment is both
'positive' and 'accommodating'
Liberty Board of Education members voted unanimously to accept the
annual external audit of the school district's financial books,
prepared by Nugent & Hauessler P.C..
Auditor William Trainor noted that the district did not have any
comments regarding significant deficiencies, and gave Liberty an
unqualified report, which is the highest level of assurance given.
Auditors found no reportable problems or areas of weakness within
the scope of the audit and stated that Liberty followed all
applicable regulations and accepted business practices in its
2009-2010 financial record-keeping. Trainor explained how Liberty’s
long-range planning is paying off for the district, especially in
these difficult economic times.
“Liberty’s overall policies and controls are solid from an auditor’s
perspective,” said Trainor. “The environment is both positive and
accommodating. The district’s expenditures were well planned and
will ultimately save the district money in the long run in the form
of retirement incentives and debt pay-off.”
The favorable report is especially significant this year because
additional auditing standards were required for ARRA (American
Reinvestment and Recovery Act) funds and other grant money that the
district received. This made the audit more complicated and detailed
than in prior years.
In addition, Business Manager Lorine Lamerand received accolades for
her fastidious and accurate completion of the district’s financial
statements and completion of management discussion and analysis.
These records are usually completed by an outside accounting firm
for an additional fee, and only a few of Nugent & Hauessler’s
clients complete these statements as part of the annual audit.
“The entire business office staff is to be commended for their hard
work,” said Lamerand. “Without their dedication, such a positive
rating would not be possible.”
“I’m very pleased with the results of the audit,” stated
Superintendent Michael B. Vanyo. “It is a testament to the integrity
and fiscal responsibility to the taxpayers by our staff and Board of
Education.”
