New Canaan Public Schools’ internal investigation into suspected theft of cash from the food service department and the subsequent New Canaan Police investigation that resulted in the arrest of two NCPS food service workers both took place, at least in part, during the fiscal year July 2017 through June 2018, and the audit for that period is being finalized without a finding of “significant deficiency” or “material weakness.”
On the contrary, Town of New Canaan Audit Committee Chairman Bill Parrett told the Advertiser that the school district’s revised accounting procedures are credited with detecting the discrepancies with cash in the food service area.
The preliminary announcement that the annual audit of New Canaan’s Financial Statements was closing without accounting discredits came at the Audit Committee meeting in October. The subject of “Audit status / internal control weaknesses” is on the Audit Committee’s agenda for their next meeting, which is set for Monday, Nov. 5, at 8:30 a.m. in Town Hall.
The word “material” in the world if financial auditing has quantitative and qualitative considerations, according to the Corporate Finance Institute.
Two former…
