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AKRON CENTRAL RECEIVES FAVORABLE AUDIT REPORT

The Akron Central School District received a favorable annual audit report for the year that ended June 30, with only two relatively minor recommendations.

The independent audit, prepared by the accounting firm of Fox and Company, found no material weaknesses in internal control and finances were well in order for the 1998-99 school year.

The district is in total compliance with state and federal laws, auditor Gary Price said. He also added that the district has a strong cash position.

The recently released audit further showed that the district's internal control structure and its operations were in compliance with standards established by the American Institute of Certified Public Accountants.

The district should review all hardware and software for the year 2000 compliance, Price said. He further noted that new requirements will be established for the annual financial reports of state and local governments which require full accrual accounting for all government activities.

This new standard will be required of Akron in the fiscal year ending June 30, 2003, he said.

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