FORREST COUNTY AGRICULTURAL HIGH SCHOOL TABLE OF CONTENTS FINANCIAL AUDIT _part1 pptx

1 Independent Auditor's Report on the General Purpose Financial Statements and Supplemental Information .... 23 Independent Auditor's Report on the Internal Control Structure Based on an

STATE OF MISSISSIPPI

OFFICE OF THE STATE AUDITOR

STEVEN A PATTERSON

State Auditor WILLIAM S JONES, CPA

Director, Department of Audit

CHARLES L SHIVERS, CPA

Director, Division of School District Audits

FORREST COUNTY AGRICULTURAL HIGH SCHOOL

Audited Financial Statements

For the Year Ended June 30, 1995

FORREST COUNTY AGRICULTURAL HIGH SCHOOL

TABLE OF CONTENTS

FINANCIAL AUDIT REPORT 1

Independent Auditor's Report on the General Purpose Financial Statements and Supplemental Information 3

GENERAL PURPOSE FINANCIAL STATEMENTS 5

Combined Balance Sheet - All Fund Types and Account Groups 6

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds 8

Combined Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - All Governmental Fund Types 10

Notes to Financial Statements 12

SUPPLEMENTAL INFORMATION 21

Schedule of Federal Financial Assistance 22

INTERNAL CONTROL STRUCTURE REPORTS 23

Independent Auditor's Report on the Internal Control Structure Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 25

Independent Auditor's Single Audit Report on the Internal Control Structure Used in Administering Federal Financial Assistance Programs 27

COMPLIANCE REPORTS 31

Independent Auditor's Report on Compliance Based on an Audit of the General Purpose Financial Statements Performed in Accordance with Government Auditing Standards 33

Independent Auditor's Single Audit Report on Compliance with the General Requirements Applicable to Federal Financial Assistance Programs 33

Independent Auditor's Single Audit Report on Compliance with Specific Requirements Applicable to Nonmajor Federal Financial Assistance Program Transactions 35

Independent Auditor's Report on Compliance with State Laws and Regulations 37

FINDINGS AND RECOMMENDATIONS 39

1 FORREST COUNTY AGRICULTURAL HIGH SCHOOL

FINANCIAL AUDIT REPORT

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OFFICE OF THE STATE AUDITOR

STEVEN A PATTERSON

AUDITOR

3

INDEPENDENT AUDITOR'S REPORT

ON THE GENERAL PURPOSE FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION

August 9, 1996

Superintendent and School Board

Forrest County Agricultural High School

We have audited the general purpose financial statements of the Forrest County Agricultural High School, a component unit of Forrest County, as of and for the year ended June 30, 1995, as listed in the table of contents These general purpose financial statements are the responsibility of the Forrest County Agricultural High School's management Our responsibility is to express an opinion on these general purpose financial statements based on our audit

Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement An audit includes

examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinion

The school did not maintain adequate subsidiary records documenting the existence, completeness, and valuation of the buildings and other equipment of the General Fixed Assets Account Group acquired prior to July 1, 1985, which are not included in the general purpose financial statements Due to the nature of the school's records, we were unable to satisfy ourselves as to the fair presentation of buildings and other

equipment, reported at $334,366 and $268,330, respectively, as of June 30, 1995, which is understated

In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary had we been able to examine adequate buildings and other equipment subsidiary records, the general purpose financial statements, referred to in the first paragraph above, present fairly, in all material respects, the financial position of the Forrest County Agricultural High School at June 30, 1995, and the results of its operations for the year then ended in conformity with generally accepted accounting principles

taken as a whole The accompanying financial information, including the Schedule of Federal Financial Assistance, listed as supplemental information in the table of contents, is presented for purposes of additional analysis and is not a required part of the general purpose financial statements of the Forrest County Agricultural High School This supplemental information has been subjected to the auditing procedures applied in the audit

of the general purpose financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the general purpose financial statements taken as a whole

In accordance with Government Auditing Standards, we have also issued a report dated August 9, 1996

on our consideration of the Forrest County Agricultural High School's internal control structure and a report dated August 9, 1996 on its compliance with laws and regulations

WILLIAM S JONES, CPA Director, Department of Audit

5 FORREST COUNTY AGRICULTURAL HIGH SCHOOL

GENERAL PURPOSE FINANCIAL STATEMENTS

June 30, 1995

Fiduciary

Assets

Inventories:

Amt to be provided for retirement

Liabilities & Fund Equity

Liabilities:

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