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Common School Fund Audit

Audit ImageThe Department of Public Instruction has the statutory responsibility to prescribe financial audit requirements (s.120.14, Wisconsin Statutes) for Wisconsin school districts.  Local school boards hire audit firms to perform such audits.  DPI provides suggested audit procedures to test compliance requirements applicable to state programs.  There are DPI audit requirements for each state aid program, including the Common School Fund (Library Aid). Auditors review expenditures to confirm that 100% of the monies received for Common School Fund are used on allowed purchases and done in consultation with the district's licensed library media specialist to support the library media program.  These aids are paid on a per capita basis, so there are also audit procedures to test the accuracy of the school census report.