1. Annual Financial Audit: a. Conduct an audit of the District's financial statements in accordance with generally accepted accounting principles (GAAP) and Governmental Accounting Standards Board (GASB) guidance. b. Ensure compliance with Illinois School Code (105 ILCS 5/3-7) and Illinois State Board of Education (ISBE) requirements. c. Prepare and submit the Annual Financial Report (AFR) to the Illinois State Board of Education by the required deadline. 2. Single Audit: a. Perform a Single Audit in accordance with the Uniform Guidance for federal funds expended over the threshold amount. 3. Annual Comprehensive Financial Report (ACFR): a. Prepare the ACFR to meet GASB standards and the criteria for the Association of School Business Officials International (ASBO) Certificate of Excellence in Financial Reporting. b. Provide draft reports to the District for review and revisions prior to submission. 4. Management Letter: a. Provide a management letter addressing any material weaknesses or significant deficiencies found during the audit, along with recommendations for improvements. 5. Presentation: a. Present the audit findings to the District's Board of Education during a scheduled board meeting. 6. Consultation: a. Assist District staff with reconciliations, capital asset tracking, and preparation of other financial schedules required for the ACFR. b. Be available to answer questions and provide guidance throughout the year.
