NOTICE OF AUDIT

OF THE FISCAL AFFAIRS OF THE WOONSOCKET SCHOOL DISTRICT NO. 55-4

Notice is hereby given that the Woonsocket School District No. 55-4, Sanborn County, South Dakota, has been audited by Schoenfish & Co., Inc. Certified Public Accountants,  Parkston, South Dakota, for the year ended June 30, 2012. A detailed report thereon is available for public inspection, during normal business hours, at the business office of the School District, and also available at the Department of Legislative Audit in Pierre, South Dakota or on the Department of Legislative Audit Web site at http://www.state.sd.us/legislativeaudit/Reports/reports_all.htm.
The following finding and recommendation provides a brief description of material weaknesses in internal control, legal noncompliance and other matters that are described in more detail in the audit report.
Finding:
The School District borrowed money on a promissory note with terms contrary to state statute. This is the fourth consecutive audit in which a similar deficiency has occurred.
Recommendation:
We recommend that borrowings of the School District be limited to the terms of state statute.
The report contains the auditor’s findings and recommendations concerning less significant deficiencies in internal control at the School District.
s/s SCHOENFISH & CO., INC., CPA’S

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