In NZ schools are audited by the Office of the Auditor General (OAG). However in most cases they contract this work out to audit firms - which is where we come in. We make a custom template that covers the emphasise that the OAG requires as follows:
- performance, in particular whether the school carried out its activities in an efficient and effective manner;
- authority, in particular whether the school carried out its activities, used its resources, and fulfilled its accountability requirements in keeping with the authority granted by Parliament and all other relevant directions;
- waste, in particular whether the school obtained and applied its resources in an economical manner and whether any public money is being wasted; and
- probity, in particular whether the school met Parliament's and the public's expectations of appropriate standards of behaviour in the public sector.
Deadlines tend to be tight. With December balance dates. many school auditors start their planning prior to December. Draft financial statements must be provided to the auditors by 31 March following the balance date. The audited annual report is required to be submitted to the Ministry of Education by 31 May.
The Ministry of Education’s provides model "Kiwi Park" financial statements for the schools to follow. Schools use PBE reporting - most schools have expenditure below $33 million so are categorised as Tier 2 PBE and able to use reduced disclosure from the Tier 1 reporting requirements.
Our Schools template includes specific engagement letters and reports, internal controls checklists for schools, specific workpapers for integrated schools, closed schools, testing local funds, performance waste and probity, specific payroll testing for schools, testing of cyclical maintenance, and accounts presentation checklists for PBR IPSAS (RDR).
For 2024 we will be adding more detailed testing pages for some of the more nuanced work required. This should be completed by late October or early November 2024.