Archived Story

Symmes Valley lauds clean audit

Published 11:14am Tuesday, February 18, 2014

WILLOW WOOD — The Symmes Valley Local School District was recently awarded the Auditor of State award for its clean audit report.

Jack Webb, treasurer for the district for about a year, said he was pleased with the distinction, but said the clean audit was thanks to a collaborative effort of those in his office.

“I’ve got a couple of good folks who work for me, Holly Lambert (accounts payable) and Jami Colegrove (assistant treasurer), and I think it shines more on them than it does on me,” Webb said. “They are the ones who process this stuff on a daily basis and they do a good job.”

Webb said working on the audit can take 400 hours of work to prepare, give or take, and requires following state and federal guidelines.

“They (the state auditor’s office) have to find that there is nothing negative for the district, nothing that rises to the level of being a reportable condition,” Webb said.

Jeff Saunders, superintendent of Symmes Valley, said he was proud of the district’s award, especially considering Webb’s recent transition into the treasurer’s position.

Webb took over for previous treasurer Sue Ann Dial, who is now employed at another district in Lawrence County.

“We were a little concerned, or I was anyway. So we are very proud of the job he has done and everyone has done to give us a clean audit,” Saunders said. “Our audits have been good in the past also. This is not unusual for us. We were just a little concerned with switching over our treasurers.”

Webb said his goal is to continue improving in his capacities as treasurer.

“I would like to see us continue to improve,” Webb said. “There are always things we can do to get better and to add value to the office, and I think we’re doing that.”

The Auditor of State Award is presented to local governments and school districts upon the completion of a financial audit.

Entities that receive the award meet the following criteria of a “clean” audit report:

• The entity must file timely financial reports with the Auditor of State’s office in accordance with GAAP (Generally Accepted Accounting Principles);

• The audit report does not contain any findings for recovery, material citations, material weaknesses, significant deficiencies, single audit findings or questioned costs;

• The entity’s management letter contains no comments related to ethics referrals; questioned costs less than $10,000; lack of timely report submission; reconciliation; failure to obtain a timely single audit; or findings for recovery less than $100.

 

 

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