A separate report is also provided which reports on prior year management comments and management's progress in implementing those recommendations. The district contracts with schools to provide alternative education and early childhood education to MPS students. Schools are selected for review on a rotating basis. Seven early childhood or partnership schools will be reviewed in FY2001. Requests for analysis, investigations, and specific information are received from Board members, the Superintendent, and the Director of the Office of Board Governance.
Principals request limited reviews of student activity fund transactions upon assignment.
Charter schools are required by the Charter School Contract to contract for an annual financial audit and an annual performance and compliance audit. The financial audit is required to be conducted in accordance with generally accepted auditing standards and government auditing standards. The objective of the financial audit for MPS instrumentality charter schools is to express an opinion on the fairness of the schedule of revenues and expenditures. The charter school has the option to contract with Audit Services or an independent certified public accountant to perform the audits. Two instrumentality charter schools have contracted with Audit Services.