According to the rules of the Department of Elementary and Secondary Education (5 CSR 30-4.030), each board of education is responsible for procuring audit services from an independent auditor who holds a current permit to practice public accounting in the state of Missouri. All districts that expend a total amount of federal awards equal to or in excess of the amount specified in OMB Circular A-133 shall either have a single audit or a program-specific audit made for such fiscal year in accordance with the requirements of The Single Audit Act Amendments of 1996, OMB Circular A-133 and the Government Auditing Standards. The report from the independent auditor must be submitted to DESE on an annual basis. Failure to do so will result in the withholding of state funding until such time as the audit report is provided.
The District has again received an unqualified opinion from its independent auditors. The auditors found that the District’s financial statements present fairly, in all material respects, the respective financial position of the governmental activities and each major fund of the Francis Howell R-III School District, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in conformity with accounting principles generally accepted in the United States of America. The District reports its financial position in accordance with Governmental Accounting Standards Board (GASB) principles, in particular, GASB Statement No. 34, “Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments,” as amended by subsequent GASB Statements Nos. 36, 37 and 38. Francis Howell is one of only a handful of districts in the state to report its financial statements using the full accrual method of accounting.
2018 Auditor's Report
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