Each year, an independent audit of finances is conducted. However, this year a compliance audit by Missouri State Auditor Tom Schweich's staff will be added. Rockwood went through its last state compliance audit in 1994.
The auditor’s office notified the district on June 25 of the upcoming schedule for the compliance audit, according to the Rockwood announcement. Rockwood School Board directors will place the item on the agenda for the July 12 Board of Education meeting to learn more about the process and determine how the district can support the State Auditor’s Office in the coming weeks.
Rockwood’s compliance audit is not a result of a petition by the voters, according to Rockwood officials, so the state of Missouri will pay the bill for the compliance audit, which will cost approximately $180,000 and take four to six months to complete. View a list of Missouri school districts that have been audited by the State Auditor’s Office in recent years.
Rockwood Superintendent Bruce Borchers said the district will support the auditors, and will work together to ensure results. “Rockwood is built on the foundation of continuous improvement. We are a fiscally accountable and efficient organization, and we’re always looking for ways to improve our performance.”
Most recently, the certified public accounting firm Kerber, Eck and Braeckel LLP performed the annual, independent audit, which commended the district for the following, according to district sources:
- Accurate financial reports
- Appropriate management procedures and internal controls
- Compliance with federal and state statutes and bond policy
The independent firm gave Rockwood finances an unqualified opinion during the audit. An “unqualified opinion” shows there are no reservations concerning the financial statements of the district. District spokespeople called this "a clean opinion and the highest level of issuance for an audit."
CPA Chris Vetter, with the State Auditor’s Office, stated a compliance audit begins with survey work and may include a review of cash control procedures, expenditures, payroll, capital assets, vehicles and fuel usage, and compliance with state laws and district policies, according to the district's announcement.
Recommendations presented by the state audit team during the last audit 18 years ago were reviewed and incorporated into the district's accounting procedures and financial policies.
Rockwood’s conservative financial management has been recognized with a Moody's bond rating of AA2 and a Standard and Poor's rating of AAA, making Rockwood one of only 68 school districts nationwide to hold such a high, outstanding rating, stated the announcement. Rockwood received the Meritorious Budget Award for excellence in the preparation and issuance of a school system annual budget. The Finance Department also earned the Certificate for Excellence in Financial Reporting from the Association of School Business Officials International.