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The Audit Connection Blog

Results for: Schools


New rules for accounting and reporting on leases and SBITAs

May 3, 2022

Accounting and reporting guidance for leases and subscription-based information technology arrangements (SBITAs) are changing for school districts and charter schools. Before this change, districts and charters used a somewhat subjective test to determine if a lease should be classified as “operating” or “capital.” Under the new guidance, all leases (with a few stated exceptions) are just leases, eliminating “operating” leases. The primary goal of the new accounting method is to increase comparability across governments; it also gives financial statement users better, more complete information by establishing a single model for lease accounting.

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How charter and tribal schools fare under public audit

May 3, 2022

Just like established public schools, charter and tribal schools are subject to public audit. In the 2020-21 school year, Washington’s charter and tribal schools served more than 5,600 students. SAO audits the public funding that each type of school receives. This article outlines how each type of school fares under public audit.

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Concerned about possible errors on your SEFA? SAO is here to help

May 3, 2022

Washington’s governments encountered special audit circumstances this year when it came to preparing the Schedule of Expenditures of Federal Awards (SEFA). School districts were no different—and many of you found yourselves facing a federal audit for the first time because the funding you received related to the COVID-19 pandemic met or exceeded the federal government’s threshold to require an audit.

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SAO’s latest and greatest resources for schools

April 27, 2022

We’re excited to see you in person at this year’s annual WASBO conference. Since we last saw you—virtually in 2021—we’ve updated some of your favorite resources, like the school’s financial statement review and preparation checklist, and made some changes to our piggybacking best practices guide. We’ve also launched new guides and checklists for payroll and accounts payable that you won’t want to miss. And with the influx of federal money to school districts, we’ve created a new tool to help with your federal grant programs. Stop by our booth to learn more about these resources!

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How charter and tribal schools fare under public audit

May 7, 2021

Recent audits of tribal schools reflect that the schools keep records to support revenue and expenditures, and that the schools have quickly implemented audit recommendations. Recent audits of charter schools reflect that school personnel are still learning about Washington’s legal requirements.

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