School Audits Made Easy with GoFan

School bookkeepers and finance teams are responsible for managing and documenting transactions across campus and demonstrating compliance with audit and reporting requirements. These finances can include ticketing revenue from events, student fees, and many other expenses. 

Most schools complete internal audit processes to ensure smooth operations and financial transparency. An internal audit is an objective evaluation and assessment of the school's finances, processes, and systems.

The Audit Process

The results of an internal audit at a school are typically reported to leadership, such as the principal, board of education, or superintendent. This information may be used to inform decisions about policy and process improvements.

Internal audits at schools may be conducted annually or on an as-needed basis in response to specific concerns. They may focus on areas such as financial management, compliance with regulations, information technology systems, human resources, and other operational processes.

The internal audit process typically involves evaluating the existing policies, analyzing financial records, and conducting interviews with staff and other stakeholders.

What Auditors Look for with Event Finances

Internal auditors typically need detailed information on event finances. The role of GoFan in the audit process is focused on ticketing revenue from events across campus. When a school uses a digital platform for ticketing and event management, the financial reports for hundreds of events can be retrieved with the click of a button.

GoFan provides detailed event reporting that can be viewed, saved, and exported for bookkeepers to meet audit requirements. Internal auditors may request information for these initiatives: 

• Policies and procedures: School policies and procedures related to ticketing could be reviewed by internal auditors. This can include policies on ticket sales, ticket distribution, and ticket tracking.
• Sales and revenue data: Data on ticket sales and revenue generated from events is typically reviewed by internal auditors. This can include the number of tickets sold, ticket prices, and any discounts or promotions offered.
  
• Technical system documentation: Internal auditors may review documentation related to the school's technology platforms, including system specifications, user manuals, and technical documentation.

By reviewing this information, internal auditors can assess the effectiveness of the school's ticketing processes and identify any areas of risk. They can then make recommendations for improvements to ensure that event finances are managed effectively and efficiently.

How Often Do Schools Get Audited?

The frequency of audits at schools can vary depending on a variety of factors, like the size and complexity of the school, the financial resources, and any regulatory requirements.

Some schools may be required to undergo an audit on a regular basis, while others may only undergo an audit when necessary.

Internal audits at schools are typically conducted every year to ensure that the school's operations and processes are efficient. These audits may be conducted by the school's own internal audit staff or by an external auditing firm.

External audits are typically required by law for schools that receive public funding and are typically conducted by an independent accounting firm.

In addition to internal and external audits, schools may also undergo other types of assessments, such as accreditation reviews or performance evaluations. These evaluations may be conducted by external agencies that will focus on specific areas of the school's operations, such as academic programs or student services.

How Manual Processes Make Audits More Difficult 

School audits can be more difficult when they rely on manual processes rather than a digital system. Some challenges of conducting audits with manual processes include:

• Inefficiency: Manual processes are often more tedious and time-consuming, which can make the audit process take much longer.
• Accuracy: Since manual processes tend to rely on cash and check payments, they can be prone to errors and inconsistencies. This often makes it more difficult for schools to maintain accurate financial records and more challenging for auditors to obtain all the information they need. 
• Data storage: Manual processes often involve the use of physical documents and records. This can make it difficult to access these documents, especially if the school has a large volume of files.
• Data security: By relying on physical documents to manage finances, schools can be more vulnerable to security breaches, such as the loss or theft of files. This can compromise the confidentiality and integrity of the school's financial records.
  
  

How Audits Are Easier with a Digital Solution

Digital processes are more efficient, accurate, and secure than manual approaches. A digital platform can also make it easier to store, track, and access financial data. Many schools are transitioning to digital processes to support their operations and financial management, including their audit processes.

Thousands of school finance teams across the country have transformed their audit processes with digital ticketing. In particular, schools that use digital ticketing to manage event finances achieve these key outcomes:

• Instant, detailed financial reporting
• Reports on tickets sold, event attendance, and revenue received
• Visibility of all event finances across campus
• Improved accuracy and transparency
• Significant time savings for busy staff

Next Steps

To learn more about how you can improve your school audits with digital ticketing, check out our financial resource hub linked below or contact us for more information.