Rockwood Finances Receive Top-Level Opinion in 2023-2024 Independent Audit

During the Dec. 17, 2024 meeting, the Rockwood Board of Education received the results of an independent audit of the FY24 school year from the firm Kerber, Eck & Braeckel LLP.

What is an independent audit?

An independent audit examines the financial records, accounting practices and internal controls of a school district as well as compliance with state and federal programs.

The auditors' responsibility is to express an opinion on the fair presentation of the district's financial statements. The audit is performed following generally accepted auditing standards as well as government auditing standards.

What were the results of the independent audit?

Rockwood received an unmodified opinion, which is the highest level issued during an independent audit. It means the auditors noted that Rockwood's financial statements were prepared in accordance with generally accepted accounting principles, and no material weaknesses were noted in internal controls. Rockwood was also found to be in compliance with laws, regulations, contracts and grants. 

Why does Rockwood choose to have an independent audit?

Independent audits demonstrate that a school district is committed to financial transparency and accountability. In addition, audited financial statements help the Board of Education have more confidence in the school district's financial responsibility because they are based on an analysis by an objective third party.

Representatives from Kerber, Eck & Braeckel noted the firm's sincere appreciation to Rockwood Coordinator of Financial Reporting Carl Mertens, Director of Finance Dan Steinbruegge and other Rockwood staff members for their cooperation and assistance throughout the audit and to the Board of Education for the opportunity to be of service to the school district.

Rockwood's financial management has been recognized with a Standard & Poor's rating of AAA, making Rockwood one of only four school districts in the state to hold such a high, outstanding rating.

The district  has received the Meritorious Budget Award from the Association of School Business Officials International (ASBO) for excellence in annual budget presentation for 25 straight years and has earned a Certificate of Excellence (COE) in financial reporting from both the ASBO and the Government Finance Officers Association (GFOA) for 18 straight years.

Rockwood is the only school district in the state to currently hold a AAA rating as well as the ASBO's MBA and COE and the GFOA's COE.