My annual audit is done. Now what? Many year-end deadlines and reporting requirements need to be carried out after your audit is completed.
November 1 is the deadline to submit the Michigan Department of Education (MDE) audit package.
The audit package includes:
- 1.MDE Required Reporting Package
- Data Collection Form (DCF)
- Audited financial statements
- A Summary Schedule of Prior Audit Findings
- Auditor’s reports
- A corrective action plan to resolve the current and prior audit findings
- 2.Management letter, if issued by auditors
- 3.AU 260 letter – The Auditor’s Communication with Those Charged with Governance
- 4.Single Audit (if expending more than $750,000 in federal funds)
Adhere to these submission guidelines:
- The audit package must be submitted electronically and without any type of security or password protection.
- The electronic file must be in PDF format created from an electronic source. Scanned documents will not be accepted.
- All of the above items, except the DCF, must be included in one PDF document.
The district or the district’s auditor should notify the MDE when the audit has been certified at the Federal Audit Clearinghouse. The MDE auditor will retrieve the DCF from the Federal Audit Clearinghouse’s website. The MDE has size, naming and submission requirements on its website on the Guidance on Electronic Filing of Financial Statement Audits page.
For additional information and details, refer to Section B – Report Distribution in the Michigan School Auditing Manual. Also, the MDE released an Accounting & Auditing Alert for FY 2017-2018 that highlighted the Mandatory Electronic Filing of School District Audits.
Data Collection Form submission
The Data Collection Form (DCF) is submitted to the Federal Audit Clearinghouse via their website. The DCF is a submission of a school district’s federal expenditures and findings. The DCF is prepared in cooperation with your auditors and must be certified by both the district and auditors for submission before November 1. For additional information about the DCF, refer to the Federal Audit Clearinghouse’s Internet Data Entry System Instructions.
Finance Information Data submission
The Center for Educational Performance and Information also has a November 1 deadline for all school districts to submit the Finance Information Data (FID). The FID includes the school district’s financial information. The electronic submission must comply with the Michigan Public School Accounting Manual Chart of Accounts. Please see the Center for Educational Performance and Information page for details. They also have an FID User Guide to help you through the process.
Please contact your local Yeo & Yeo auditor if you have questions or need additional information about year-end financial submissions.