Audit shows healthy numbers

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By Gabriel Vasquez

The financial management at Los Alamos Public Schools has significantly improved, according to audit results released Tuesday.

Despite minor flaws, LAPS bookkeeping practices have become “healthy” since the arrival of a new financial management staff, said Jeff McWhorter, chief auditor of the Accounting and Consulting Group.

McWhorter presented the results of the fiscal year 2006-2007 audit report to LAPS board members Tuesday.

“There are a lot of challenges to running a school,” McWhorter said. “We were able to satisfy ourselves that financial statements were reported fairly in all material respects.”

He added that the financial management team currently in place was diligent and had responded promptly to all the requests of the auditing team.

The only problems reported by McWhorter were small deficiencies in the inventory of equipment, deposits not being made in a timely manner and a statement review policy by “internal control” that was not aggressive enough.

“Management has taken actions to correct this,” McWhorter said. “But (the deficiencies) are not egregious enough to qualify the opinion.”

A qualified opinion, in audit speak, refers to two possible situations that do not comply with generally accepted accounting principles.

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