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Audit Preparation and Internal Controls

About the Instructor

Will Swanson

Will Swanson is a certified public accountant (CPA) who currently works as the Director of Accounting at Bismarck Public School District.  Prior to being employed with the school,  Will worked at a public accounting firm, Brady Martz, as an audit manager.  In that job he specialized in overseeing audits of governmental entities, including several school districts in the state. 


Important Course Dates

July 6, 2021: Class begins

September 30, 2021: Course must be completed by this date.


Syllabus

Audit Preparation and Internal Controls Syllabus


Online Lectures

Each lecture has voice recordings that go with the PowerPoint presentation.  Please turn your volume on to hear the voice recordings.  The recordings should automatically play on each slide when you click to advance.  Do not advance the slide until the recording is done.  Each lecture will take approximately 30 minutes to listen to.

The questions for each lesson are located towards the end of the slide show.  Please e-mail your responses to the questions to will_swanson@bismarckschools.org by September 30th.  Answers to lecture questions can e-mailed individually as you complete each lesson, or all together with any other required assignments – whichever you prefer.

Lesson 1 – Audit Preparation

Question 1: 10 points

Question 2: 20 points

Lesson 2 – Evaluating Audit Results

Question 1: 10 points

Question 2: 15 points

Question 3: 10 points

Lesson 3 – Internal Controls

Question 1: 25 points

Question 2: 10 points

 

TOTAL POINT FROM LECTURE ASSIGNMENTS: 100 points


 

Assigned Reading

Financial Accounting for School Administrators, Tools for Schools, Third EditionRonald E. Everett, Donald R. Johnson and Bernard W. Madden.  Chapter 24.   Pages 249-259

https://www.nytimes.com/2005/03/03/nyregion/audit-describes-8-years-of-theft-at-li-schools.html


Assignments

  • Provide a one page paper regarding the two following items from the required reading. Submit assignment to will_swanson@bismarckschools.org by September 30th. (50 points)
    • For the Financial Accounting for School Administrators reading, please discuss some of the benefits noted of having an outside auditor review your financial records. Also, discuss some of the important items noted regarding preparing and evaluating requests for proposals for audit firms.
    • For the article on the Long Island fraud case, summarize some of the issues that occurred in the fraud discovered. Then, provide me with your opinion on some of the internal controls that the school should have had in place that would have caught the fraud.
  • Hopefully this course has helped you learn more about what internal controls are and has given you ideas on new internal controls you could implement. To show you have an understanding of the internal controls in place at your school district, I would like you to write a summary on some of the internal controls you have over the following areas: cash disbursements, cash receipts, payroll.  Also, please provide an idea for an internal control you would like to implement in the future for your school district.  Submit assignment to will_swanson@bismarckschools.org by September 30th. (50 points)

 


Questions

Questions about the course? Email: will_swanson@bismarckschools.org