School System Passes Final Audits

Prince George's County Public Schools soon will receive a 2010 Certificate of Achievement for Excellence in Financial Reporting for using accounting practices that are consistent with national standards, Schools Superintendent William R. Hite, Jr. said recently.

The accounting firm, Clifton Gunderson LLP, audited the 2010 financial statements of the school system for the fiscal year ending June 30, 2010.

The independent auditor of the Comprehensive Annual Financial Report found "no material weaknesses or significant deficiencies," but noted that timecard approvals for substitute teachers and rebate revenues should be addressed.

Hite said that the school system has established internal accounting controls for its financial practices. For this reason, he said that officials are reasonably assured that assets are properly safeguarded and accounted for, and reliable accounting information is used. This helps in preparation of financial statements that follow generally accepted accounting principles, he explained.