IASB Audit Released
Memo to IASB Members, July 15, 2010
The IASB Board of Directors met on Wednesday, July 14, 2010, and received the 2009 audit from the auditing firm Brooks Lodden, P.C. We are pleased to report that the auditors commended the corrective actions taken by the IASB Board, and noted that after this very thorough review, there are “no smoking guns.”
We now look forward to moving ahead to serve Iowa schools as we have for decades, and to improve our work to meet member needs. If you or your school board has any lingering questions, IASB's executive director and staff are available to meet with you - please feel free to contact us at (800) 795-4272.
Overview
The audit covers the time period between July 1, 2008, and June 30, 2009, but auditors are also required to report subsequent events. Therefore, the audit took longer than expected, but provides a thorough review of issues that have affected the association to date.
IASB has already communicated the major issues that are listed in the auditors’ findings to members; the audit document includes laws and additional details. Key findings are in the following areas:
• Overcompensation
• Executive Expenses/Unauthorized Credit Card Charges
• Internal Controls/Unauthorized Interfund Transfers
• Incorrect Federal Grant Drawdown
IASB has addressed all of these issues by tightening or creating new board policies and by taking other appropriate actions as necessary. This audit confirmed no wrongdoing on the part of previous employees Jon Muller, Ron Rice, Lisa Bartusek, Margaret Buckton, Larry Sigel and Jen Albers.
Access to Audit
*Note! The audit is now available at this link.
IASB expects to receive an electronic version of the audit shortly; as soon as we have that, along with opening remarks from Brooks Lodden partner Ted Lodden, we will post them to the IASB Web site, likely on Friday or Monday. Please stay tuned. We will place the audit on the home page at www.ia-sb.org, and also under a new section of the site called “Agendas and Reports,” which we will continue to build with additional documents for public and member access.
The audit will also be submitted to both the Legislative Government Oversight Committee for our final meeting with them next Thursday, and the State Auditor’s Office – it will also be available shortly thereafter electronically at http://auditor.iowa.gov/.
IASB truly appreciates the work and support of all its members and partners and looks forward to moving on to serve all member school boards across Iowa, to build a stronger education system for students. Thank you.
We encourage you to share this communication with your fellow board members, especially those who may not receive IASB e-mails.