Pecos-Barstow-Toyah ISD is proud to announce the successful completion of its annual financial audit, marking the third consecutive year with zero findings. This accomplishment reaffirms the District's commitment to financial integrity and adherence to accounting standards.
Financial audits are a crucial aspect of accountability for school districts, ensuring compliance with established standards and safeguarding against potential misstatements in financial statements. PBTISD's audit, covering the fiscal year from September 1 to August 31, underwent a thorough process, including assessments of internal controls, prevention of fraudulent activities, and adherence to procurement laws. A “finding” in an audit indicates instances of material weakness that could compromise the accuracy of financial statements.
"PBTISD is committed to being responsible stewards of our resources,” said Superintendent Brent Jaco. “A clean audit is not just a testament to our financial responsibility; it ensures that our management team has a precise understanding of our financial standing. This, in turn, enables us to make well-informed decisions that positively impact our district."
The district administration relies heavily on accurate financial statements to guide strategic decisions that contribute to the district's overall financial health. A clean audit not only upholds the district's reputation but also enhances its creditworthiness when seeking to sell bonds. Investors favor entities with a strong financial standing, and a clean audit contributes to favorable rates, benefiting the community as a whole.
The audit process, spanning two to six months from initiation to conclusion, involves meticulous reviews of controls and financial records. Auditors commence their assessments in late summer, conducting initial reviews of overall controls, and conclude in early winter once the fiscal year has concluded.
Upon finalization of the audit, the report is submitted to the Texas Education Agency (TEA) for thorough review to ensure ongoing compliance and to prevent any future findings that could potentially impact the community negatively.
PBTISD remains dedicated to transparency, accountability, and the responsible management of its financial resources. The successful completion of the financial audit underscores the district's commitment to these principles and its continuous efforts to provide the highest standards of education to the community.