For School Districts and Auditors of School Districts!
SAVE TIME AND MONEY WITH AUDIT-L.E.A.!
Powerful Analytical Tools to Audit, Manage and Prepare Reports for Texas School Districts!
RELEASE 23 for 2019 is now available! ORDER TODAY!!
AUDIT-L.E.A. is Windows® based software which assists you in preparing financial statements. It does much more! School Districts can use AUDIT-L.E.A. to prepare monthly reports OR interim reports to see if the district is "on track" for meeting GAAP and T.E.A. requirements. Almost all reports can either be printed or exported to an Excel® or a PDF file. MOST IMPORTANTLY, any changes from T.E.A. on the audit data feed requirements, new account codes and new audit requirements are included in the new Release. Let AUDIT-L.E.A. keep you UP TO DATE!!
AUDIT-L.E.A. can also assist districts in "overseeing" the year-end accounting adjustments and the conversion and consolidation adjustments necessary to prepare the government wide statements. WITH AUDIT-L.E.A. DISTRICTS CAN DEMONSTRATE COMPENTENCY as required by GAO and AICPA. Some Districts may wish to generate their own financial statements.
AUDIT-L.E.A. not only provides a system for preparing the annual financial report. It also includes many features aimed at assisting both the school district and the auditors in testing, analyzing and adjusting the trial balance data and the budget data. The user can query, filter, prepare lead sheets, run compliance tests, export subsets of data to Excel®, compare current year with prior year, budget with actual, etc. It is a powerful analytical tool! The Individual Fund Schedule Routine in the Report Generator allows you to prepare budget comparisons and/or prior year current year comparisons on any single fund.
New Features with Release 23 for 2019 include:
- The data entry screen for entering and saving the required information for performing the necessary adjustments for GASB 75 has been modified to show data and adjustments necessary for this second year of implementation. Enter this data and click a menu option to:
- Print or create a PDF file to make a record of all entries.
- Click on a menu option to calculate all adjusting entries required for the GASB 75 adjustments. Print or create a PDF file of these entries. The report will include all adjustments PLUS the reconciliation tables showing that the resulting change in ending net OPEB liability is the same as that amount provided by TRS; that the impact on Exhibit A-1 is equal to the impact on B-1; showing the details on the ending amount for Deferred Resource Outflow and Inflows.
- Click another menu option to automatically add the GASB 75 entries to your GASB Adjustments file for the fund to government wide conversion. These entries can be edited and or reposted from the GASB 75 entry screen if necessary. There is a dedicated column in the fund to government wide worksheet for recording the GASB 75 adjustments.
- The Indirect Cost Proposal Worksheets are still consistent with those required by T.E.A. This will allow District's or their auditors to quickly obtain the required data for the current year, the prior year and the prior prior year if necessary. Clicking on an amount in any one of the three data tables will allow you to quickly obtain the account detail from the underlying trial balance files.
- The On-Behalf Allocation Worksheet receives data from both the GASB 68 Data Entry Screen and the GASB 75 Data Entry Screen so that the required changes in program revenue can be easily calculated and imported into the Grant Revenue Worksheet for adjustments to the program revenue reported in Exhibit B-1.
- We have confirmed that the MOE worksheets for IDEA B are still consistent with the requirements issued by T.E.A.
- All compliance audit programs in the Audit Program Generator have been revised with the requirements in the April, 2018, Compliance Supplement from OMB in 2 CFR Part 200 Appendix XI. These will be updated as necessary when the 2019 Compliance Supplement is available.
AUDIT-L.E.A. is a useful tool for school district managers to use throughout the year! Of course it continues to be the BEST software on the market for performing audit adjustments and the consolidation and conversion adjustments necessary for preparation of the annual report. All of the familiar check routines are there for you!
AUDIT-L.E.A. has three Component Parts
The TRIAL BALANCE PROGRAM is the workhorse for importing, analyzing, testing and adjusting accounting data from the district's accounting system.
The REPORT GENERATOR PROGRAM is the report preparation program and includes the supplemental accounting system required for preparing the government wide statements. This component also prepares both the Audit Data Feed and the PDF file of the Annual Report which must be submitted to T.E.A.
The AUDIT PROGRAM GENERATOR generates a planning and pre-fieldwork program, an audit program, a checklist for school districts to demonstrate that they have sufficient internal controls and competency for reviewing the statement preparation, standard documents such as engagement letters, and a comprehensive compliance program for federally funded and TEA mandated programs which includes the very latest updates of requirements from OMB's Compliance Supplement in 2 CFR Part 200 and from T.E.A. The compliance guidelines can be especially helpful to federal program directors.
AUDIT-L.E.A. includes the following features:
- A unique Conversion and Consolidation System converting modified accrual of the fund statements to accrual data necessary for the government wide statements. This routine creates an excellent audit trail for the preparation of the government wide financial statements.
- An easy routine for importing data from the District's accounting system into the software including importing the next FY budget data into the new Budget Module.
- An easy to use adjustment routine for entering year-end adjusting entries necessary to prepare financial reports.
- Worksheets for developing information and documenting the procedures necessary for preparation of the annual report—notes and exhibits.
- Worksheet for calculating and allocating by function the annual depreciation for capital items.
- Check routines in the Trial Balance module to ensure compliance with PEIMS reporting requirements.
- Test routines in the Trial Balance module and in the Proposed Budget Module including the PEIMS edit checks.
- Check routines in the Report Generator module to ensure consistency between exhibits in the annual report.
- Menu option to create the T.E.A. Audit Data Feed file as required by T.E.A.
- Easy export routine to export subsets of data into Excel©, PDF, Word, and many other formats.
- A word-processing module in the Report Generator allowing for preparing Auditor's Reports and providing a sample document for Notes and MD&A.
- A word-processing routine for creating and editing the audit programs.
- A drill down routine in the Report Generator which quickly collects all accounts in the Trial Balance which are summed to a particular cell in the data files used to prepare the report.
- Query routines and Status Reports by fund or fund type allow for quick assessment of particular items.
- Prior year/current year comparisons and budget to actual comparisons.