Audits are usually taken the wrong way and are every so often terrifying word that makes school bookkeepers tremble. In fact, an audit is essential and extremely rare instrument to retain financial order. Auditing is usually the culminating act in the business of protecting the assets of the school district; it is used in some form and to some extent by all school districts (Brimley, V., Verstegen, D.A. & Garfield, R., 2012). The requirements for the audits and reports includes that each month, the school submits a Student Activity Report to show how these monies were collected and deposited. The Bookkeeper maintains receipts for each purchase and deposit slips or records for each deposit or transfer. This is necessary because every year, lots of monies transfer in and out of school's account. The bookkeeper manages the whole thing, but the principal and the district budget committee are accountable for the money and to make sure that it is being controlled correctly. In this perspective, an audit is just a thorough analysis of the school's financial records. .
The timelines are reporting periods are filed monthly and is prepared by the Bookkeeper and signed by the Principal. The timelines are in place to ensure the main advantage of an audit which is to guarantee that the school's that financial records are in order. When protection of property and money is being considered (as well as protection of the reputation of the employees involved), the administrator and the board of education turn to the audit for support (Brimley, V., Verstegen, D.A. & Garfield, R., 2012). Essentially, the audit confirms the figures, guarantees precision, and evaluates actions. An audit also recognizes things inside the control of the school that should be implemented to develop the truthfulness of school's finances and for discovering financial negligence. An audit can reveal complications in advance before they come serious.