NC State Board of Education to launch audit of WS/FCS financial management
The North Carolina State Board of Education will launch an audit of Winston-Salem/Forsyth County Schools’ financial management. The decision was made Thursday in Raleigh at the state board’s monthly meeting, during which they also addressed an interest penalty set to begin accruing on the district’s outstanding debt to the state. Prior to the meeting, State Auditor Dave Boliek sent a letter to the state board urging them to launch an investigative audit after his own office released a report detailing years of financial missteps made by the school system.Keep up with the latest news and weather by downloading the WXII app here.During Thursday’s state board meeting, state leaders outlined a statute that says if the state board finds evidence that a school district’s annual audit previously missed financial management issues, the board should launch an independent audit in cooperation with the Local Government Commission (LGC). They also confirmed that such evidence was found in the state auditor’s report. Watch: NOWCAST streaming newscastsState board chairman Eric Davis says it’s not a full audit of the district’s finances. This one will hone in on the district’s internal controls related to budgetary practices.”The point of this is not to make a judgment or point the finger,” he said. “The point of this is to strengthen the financial, health, and internal controls of the Winston-Salem Forsyth County Board.”Get the latest news stories of interest by clicking hereWS/FCS is currently conducting its annual audit for the 2024–2025 fiscal year, which is separate from the audit that the state board will conduct moving forward. Davis says the district’s annual audit needs to be completed by October.The state board and LGC hope to identify an audit firm by the next State Board meeting in October. Davis says they’ll be seeking a reasonable price for the audit firm, keeping in mind that WS/FCS would pay for the services.NAVIGATE: Home | Weather | Watch NOWCAST TV | Local News | National | News We Love |
The North Carolina State Board of Education will launch an audit of Winston-Salem/Forsyth County Schools’ financial management.
The decision was made Thursday in Raleigh at the state board’s monthly meeting, during which they also addressed an interest penalty set to begin accruing on the district’s outstanding debt to the state.
Prior to the meeting, State Auditor Dave Boliek sent a letter to the state board urging them to launch an investigative audit after his own office released a report detailing years of financial missteps made by the school system.
Keep up with the latest news and weather by downloading the WXII app here.
During Thursday’s state board meeting, state leaders outlined a statute that says if the state board finds evidence that a school district’s annual audit previously missed financial management issues, the board should launch an independent audit in cooperation with the Local Government Commission (LGC). They also confirmed that such evidence was found in the state auditor’s report.
Watch: NOWCAST streaming newscasts
State board chairman Eric Davis says it’s not a full audit of the district’s finances. This one will hone in on the district’s internal controls related to budgetary practices.
“The point of this is not to make a judgment or point the finger,” he said. “The point of this is to strengthen the financial, health, and internal controls of the Winston-Salem Forsyth County Board.”
Get the latest news stories of interest by clicking here
WS/FCS is currently conducting its annual audit for the 2024–2025 fiscal year, which is separate from the audit that the state board will conduct moving forward. Davis says the district’s annual audit needs to be completed by October.
The state board and LGC hope to identify an audit firm by the next State Board meeting in October. Davis says they’ll be seeking a reasonable price for the audit firm, keeping in mind that WS/FCS would pay for the services.
NAVIGATE: Home | Weather | Watch NOWCAST TV | Local News | National | News We Love |
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