By Derrick ForsytheRecord Staff WriterThe results of an audit from the 2014-15 fiscal year ending June 30 have yielded the highest possible rating for the Warren County R-III School District.An overview of the audit, which covers the district’s financial statements and accounting-related practices, was presented during the monthly board meeting Nov. 12.Rick Gratza, lead partner and CPA with St. Louis-based Kerber, Eck and Braeckel LLP, reported that the firm issued the district an “unmodified opinion,” which is the best of three possible opinions.R-III Chief Financial Officer Tony Chance says he’s pleased with the results of the audit, noting it reflects well upon the district’s handling of taxpayer funds.“It was another very good audit for us,” said Chance. “I’m in constant contact with the auditors, so we were anticipating these results and were very pleased with the outcome this year.”The final in-house portion of the audit was conducted during the last week of August, with a planning and risk assessment having taken place in mid-July. Results were delivered to the district Nov. 2.Chance says the district does a final cleanup and reconciliation for the previous fiscal year in the month of June.“We have a preliminary assessment in June and then a more detailed audit in August,” said Chance, of the annual procedure. “They come in and assess how we handle finances according to our own policies.”As part of the audit, accountants examined the school district’s compliance with specified requirements of Missouri laws and regulations, including budgetary and disbursement procedures, along with disclosures of attendance and transportation records. Chance says an assessment is made of how in accordance the the district is with the Generally Accepted Accounting Principles (GAAP).Gratza says the unmodified opinion, also known as a “clean opinion,” indicates the firm has no reservations concerning the district’s financial practices or procedures. He also added “the financial statements appear to be presented fairly in conformity with the modified cash basis of accounting.”The audit yielded just one area for potential improvement, citing that “checks held at year’s end should be reported in the period actually disbursed.”Additionally, the firm offered the insight to “contemporaneously document the reason for exempting purchases from the district’s competitive bid requirements.”The school board voted unanimously to accept the audit as presented.Warren Co. R-III