Audits should be performed on school accounting systems because they are required by law and they provide independent reviews of school financial procedures and suggestions for improvement. A licensed certified public accountant, public accountant, or an accountant who has met the Continuation of Education requirement should perform the audit.…

Designed to help college administrators read and understand accounting statements, this paper provides tips about danger signals that may be evident in financial statements and that may call for speedy action. The first statement examined is a balance sheet; i.e., a summation of all of the possessions and debts of a business or entity, which shows…