A) The initial audit shall be for FY ending June 30, 2025. It shall be conducted in accordance with generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States, provisions of Office of Management Budget Circular 2CFR 200 Single Audit, Audits of State and Local Governments and auditing requirements prescribed by the Kentucky State Committee for School District Audits in Procedures for Auditing Local School Districts’ Fiscal Records. The scope of the audit shall include funds referred to above, school activity funds in elementary, middle and senior high schools and completion of the Schedule of Federal Financial Assistance. Two (2) separate management letters shall be rendered: one (1) for The Board’s accounts and one (1) for school activity accounts as a group. The School Activity Audit’s management letter shall include a compilation in matrix format for errors detected, with error type on one axis and school location on the other. B) Other ancillary accounting services will be required from time to time to be compensated separately outside the scope of the main audit. An example of such an ancillary accounting service is for advice on compliance with regulatory agencies, meeting GASB pronouncement requirements, strengthening internal controls and assistance with creation of financial statements, NOTES to comply with GASB pronouncements, and Management Discussion & Analysis (MD&A).
