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Question 1 of 9
1. Question
An auditor tests 100% of transactions during an audit.
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Question 2 of 9
2. Question
Charters are required to have the AFR audited by a licensed CPA.
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Question 3 of 9
3. Question
Any licensed CPA firm can perform the audit for a charter school (must have all of the correct licenses).
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Question 4 of 9
4. Question
Charters are required to change audit firms every 5 years.
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Question 5 of 9
5. Question
A charter is required to verify that the audit firm has a valid license.
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Question 6 of 9
6. Question
TEA allows for a 30 day grace period from November 27th or January 28th to submit your AFR.
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Question 7 of 9
7. Question
TEA requires Charters to submit AFR and Charter Data Template no later than 150 days from fiscal year end.
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Question 8 of 9
8. Question
It is the auditor’s responsibility to book on year-end adjustments such as depreciation, accruals, etc.
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Question 9 of 9
9. Question
It is recommended that you do variance analysis on prior year vs current year numbers and have answers prepared for auditors.
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