Quality of Financial Reporting of Washington State School Districts: Results from a Population-Wide Analysis of Audited Financial Reports

15 Pages Posted: 30 Oct 2015

See all articles by John Kurpierz

John Kurpierz

York University - Schulich School of Business

Elijah Panci

University of Washington

Date Written: March 25, 2015

Abstract

We examined the population of audited financial reports from all of Washington State’s 292 School Districts via the State Auditor’s Office. We found that 19 percent of school districts do not produce audited financial statements, and an additional 34 percent have problems ranging from relatively minor to severe. Of the remainder, 46 percent are generally compliant, yet only one percent of school districts produce disclosures that fully comply with generally accepted accounting standards (GAAP). This rate and quality of disclosures is significantly less and of lower quality than many other systems of financial reporting. The current reporting system appears to have significant flaws.

Keywords: School Districts, Auditing, Public Finance, Accounting History, Transparency

JEL Classification: H89, I22, I28

Suggested Citation

Kurpierz, John and Panci, Elijah, Quality of Financial Reporting of Washington State School Districts: Results from a Population-Wide Analysis of Audited Financial Reports (March 25, 2015). Available at SSRN: https://ssrn.com/abstract=2679632 or http://dx.doi.org/10.2139/ssrn.2679632

John Kurpierz (Contact Author)

York University - Schulich School of Business ( email )

4700 Keele Street
Toronto, Ontario M3J 1P3
Canada

Elijah Panci

University of Washington ( email )

Seattle, WA 98195
United States

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