The Rockwood School District will cooperate with the Missouri State Auditor’s Office during an upcoming audit that begins in July 2012. According to Dr. Bruce Borchers, Rockwood Superintendent, the district will support the auditors and will work together to ensure results. “Rockwood is built on the foundation of continuous improvement. We are a fiscally accountable and efficient organization, and we’re always looking for ways to improve our performance.”
Each year, an independent audit of Rockwood finances is conducted. Most recently, the certified public accounting firm Kerber, Eck and Braeckel LLP performed the audit, which commended the district for the following:
- Accurate financial reports
- Appropriate management procedures and internal controls
- Compliance with federal and state statutes and bond policy
The independent firm gave Rockwood finances an unqualified opinion during the audit. An “unqualified opinion” shows there are no reservations concerning the financial statements of the district. This is a clean opinion and the highest level of issuance for an audit.
According to Chris Vetter, CPA, with the State Auditor’s Office, a compliance audit begins with survey work and may include a review of cash control procedures, expenditures, payroll, capital assets, vehicles and fuel usage, and compliance with state laws and district policies. The Rockwood School District went through its last state compliance audit in 1994. The recommendations presented by the state audit team during this audit were reviewed and incorporated into the district's accounting procedures and financial policies.
The Missouri State Auditor’s Office notified the district on June 25 of the upcoming schedule for the compliance audit. The Rockwood School Board will place the item on the agenda for the July 12 Board of Education meeting to learn more about the process and determine how the district can support the State Auditor’s Office in the coming weeks.
The State Auditor’s Office works to ensure the proper use of public funds and to improve the efficiency and effectiveness of Missouri government by performing audits. Rockwood’s compliance audit is not a result of a petition by the voters so the state of Missouri will pay the bill for the compliance audit, which will cost approximately $180,000 and take 4-6 months to complete. View a list of Missouri school districts that have been recently audited by the State Auditor’s Office.
Rockwood’s conservative financial management has been recognized with a Moody's bond rating of AA2 and a Standard and Poor's rating of AAA, making Rockwood one of only 68 school districts nationwide to hold such a high, outstanding rating. Rockwood received the Meritorious Budget Award for excellence in the preparation and issuance of a school system annual budget. The Finance Department also earned the Certificate for Excellence in Financial Reporting from the Association of School Business Officials International.