In Dec. 2020, Dixon Hughes Goodman (DHG) announced that Collierville Schools received an “unmodified” opinion for its accounting practices and reconciliation of their annual financial statements.
The independent auditing firm, DHG completed the district’s independent audit of their annual financial statements for the school year 2019-2020.
The annual financial statements are required to be audited annually by an independent auditing group.
The auditing firm has completed the district’s annual, independent audit since 2015. Collierville Schools has received an unmodified opinion for the last three academic years (2017-2018, 2018-2019, and 2019-2020).
The district’s Chief Municipal Financial Officer (CMFO), Anita Hays, explained, “the unmodified distinction recognizes Collierville Schools for its preparation of the district’s financial statements, which are in conformity with accounting principles generally accepted in the United States.
I am extremely proud of our team and the valuable work that goes into receiving a clean audit report.” Hays continued by saying, “there were no findings associated with the general fund, each major fund, and each fiduciary fund of the Board of Education of Collierville Schools as of June 30, 2020 – that is something we need to celebrate.”
Collierville Schools is responsible for the preparation and fair presentation of these financial statements in accordance with the accounting principles generally accepted in the United States this includes the design, implementation, and maintenance of the internal control related to organizing and fair representation of the district’s financial statements.
Superintendent and Director of Schools, Dr. Gary Lilly stated, “the finance department at Collierville Schools does a wonderful job staying current with the state and federal accounting guidelines, while maintaining a very detailed and organized reporting structure. This allows the district to keep an accurate account and a real-time financial blueprint of the district’s allocation, spending, and reconciliation.”