Auditors Praise School District for Efficient Financial Practices and Recommend Improvements

During the recent Board Meeting of Sheridan County School District #3 on August 13, 2025, the focus was primarily on the district's financial audit and internal controls. The meeting highlighted the efficiency of the audit process, which was completed in less than two days, thanks to the thorough preparation by district staff, particularly Greg and Brenda. Their efforts were commended, indicating a positive working relationship between the auditors and the district.

A significant topic of discussion was the district's internal controls, particularly regarding the segregation of duties in financial processes. The auditors noted that while the district is small and could potentially operate with fewer staff, many small districts face similar challenges with compliance issues. The auditors emphasized the importance of compensating controls, such as requiring higher-level approval for journal entries and bank reconciliations. This approach aims to mitigate risks associated with having one individual perform multiple accounting functions.

The conversation also touched on the management of credit cards, which have become a focal point for audits across Wyoming. The auditors pointed out that while the district maintains good records for credit card transactions, the scrutiny of these expenses is crucial. With approximately ten credit cards in use, the auditors stressed the need for thorough review processes to ensure accountability and prevent misuse.

In conclusion, while the audit revealed no significant findings, the auditors recommended strengthening internal controls through enhanced review processes. The board is expected to consider these recommendations in future discussions, aiming to bolster the district's financial oversight and compliance. The meeting underscored the ongoing commitment to maintaining transparency and accountability in the district's financial practices.