By Janine DavisRecord Staff WriterThe Warren County R-III School District has received the highest possible rating of its finances.The audit, which covers the district’s financial statements and other accounting-related practices, is for the 2013-2014 fiscal year ending June 30.“As a result of the audit, we’ve issued an ‘unmodified opinion,’ which is the best of three possible opinions we can render as auditors,” the lead auditor told the school board during its December meeting. “This means that we believe the district’s financial statements are fairly stated in terms of the cash basis of accounting.”The audit was performed by St. Louis accounting firm Kerber, Eck & Braeckel LLP. Lead engagement partner and CPA Rick Gratza reported the findings, telling the board and administrators that the audit covered the district’s financial statements, compliance with federal program requirements, as well as certain aspects of state laws and regulations relating to budgetary procedures and transportation.Gratza said the audit firm’s responsibility was to express an opinion on the fair presentation of the financial statements by the school.The audits found no material weaknesses or other deficiencies in the district’s financial reporting, its federal programs or compliance with state laws and regulations, Gratza said.“District management has the role of preparing financial statements, and our role as auditors is to express an official opinion on these financial statements based on our examination,” Gratza explained.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.Again this year, the accounting firm examined a few of the specific federal programs implemented by the district.“Each year, we make a selection of the district’s federal programs for testing, focusing on larger federal programs that have not been audited the prior two years,” Gratza said. “This year we audited the Child Nutrition program and also the Special Education program, and as a result of these audits we issued again an ‘unmodified opinion.’ We believe the district complied in all material respects with the requirements of these programs.”Gratza said the audit did not identify any material weaknesses in internal controls associated with the programs.Another area of the audit reviewed state compliance specifically related to budgetary disbursement procedures, attendance records and transportation records.Gratza told the board his firm found one opportunity to strengthen internal controls over financial reporting, citing a couple of checks recorded as expenditures in June that were released to vendors in July, which crossed fiscal years. Going forward, he said, the firm advises that checks be reported in the year in which they are actually released, according the cash basis of accounting.“The district did a wonderful job in preparing for the audit, which is a lot of work,” said Gratza.The board voted unanimously to accept the audit as presented.R-III School District