Questar III has developed risk assessment and internal auditing services specifically designed to meet the requirements of the 2005 Fiscal Accountability Legislation. We work only with school districts and BOCES throughout New York State to develop a strong internal auditing function to assist school districts and BOCES to implement and maintain a strong internal control structure.
Objectives of the internal auditing service:
- Development of a risk assessment of the district's or BOCES financial operations, including, but not limited to a review of financial policies, procedures and practices;
- An annual review and update of the risk assessment;
- Annual testing and evaluation of one or more areas of the district's internal control structure, taking into account risk, control weaknesses, size, and complexity of operations; and
- Preparation of reports which analyze significant risk assessment findings, recommend changes for strengthening internal controls and reducing identified risks, and specify time frames for implementation of such recommendations.
We have extensive experience with school districts and understand their unique regulations, pressures and constraints, financial stewardship, special accounting rules, and industry trends. Our team understands the fiscal accountability legislation process from both the consulting and operational level. We have walked in your shoes and understand the challenges you face at the operational, administrative, policy and political level.
Members of our team have worked with various accounting software packages that include, however are not limited to, Finance Manager, Infomatic, WinCap, MUNIS, Nutrikid, and WinSnap applications. This knowledge will be useful in analyzing transactional data and in assessing the performance and security of your IT platforms.
Operational experience / 2005 Fiscal Accountability experience
The current environment requires school districts to understand the fiscal controls that protect their valuable financial resources. However, many schools lack the human resources to ensure that controls are in place and operating effectively. Questar III offers its valuable knowledge of school district accounting and operational procedures. Our expertise can help your organization create a system of internal controls that will help safeguard district assets and prevent inappropriate use of the district’s resources. Questar III delivers maximum quality at the lowest cost to the school district.
Our staff, consisting of certified public accountants, certified internal auditors and certified fraud examiners, has provided internal auditing and financial risk assessment services to over 100 school districts and BOCES throughout New York State. We perform the auditing process and risk assessment efficiently adhering to professional quality standards.
We know that the timely completion of this engagement is important to the district. Questar III commits itself to meeting your expected completion date. We will help your organization manage the project time line to ensure that the reports and assessments are delivered to management and your governing board on time as expected.
Questar III uses the following process to complete a typical risk assessment and internal audit process. Questar III will:
- Send your organization a written checklist of items that are needed to commence the internal auditing process.
- Conduct an onsite meeting with key individuals. During this meeting we review the items identified above and provide assistance to the staff to ensure that they understand the information that is required.
- Review data to ensure that the information is consistent with our understanding of your organizations operation procedures.
- Review your policies and procedures to determine the operational effectiveness of these policies and procedures.
- Conduct interviews with key staff to identify critical financial controls that help protect your resources. We will identify key areas of risk and make recommendations for improving internal controls when weaknesses are identified.
- Develop an internal audit testing plan and evaluate key areas on an ongoing basis in conjunction with district management and the audit committee.
Our internal auditing service is designed to evaluate the adequacy of:
- Internal financial controls with emphasis on areas vulnerable to fraud and abuse;
- The school district's current financial policies and procedures; and
- The school district’s financial and auditing organizational structure.
In addition to school district accounting and auditing experience, we are stronger than most accounting firms for the following reasons:
- Industry knowledge;
- School district operational experience; and
- Focused service.
Questar III, 10 Empire Blvd.
Castleton, NY 12033
Phone: (518) 937-7064