Superintendent Jeffrey R. Rabey said the Office of State Comptroller has aided the district in aligning its internal accounting practices and controls with the Governmental Accounting Standards Board GASB). The GASB helps to establish and improve standards of state and local governmental accounting and financial reporting for the benefit of governmental officials, auditors, and the public.

Mr. Rabey said the district cooperated fully with the Office of the State Comptroller and agrees with the findings and recommendations in the audit report. The district has already initiated the implementation of the audit reports recommendations. In fact, many of the recommendations in the states audit report were implemented prior to the issuing of the report.

The audit report identifies overpayments in salary and benefits to the former Lake Shore Central School District superintendent. Mr. Rabey said the former superintendent previously advised them that he is willing to reimburse the district for any payments he believes were improperly paid to him.

The Office of the State Comptroller further assisted the district with implementing new auditing controls with respect to compensation and benefits, claims processing, fixed asset inventories, and central supplies inventories.

Mr. Rabey said: Our goal in working with the Office of the State Comptroller was to ensure we implement new methods of accounting controls that are in line with the Governmental Accounting Standards Board. We are confident these controls can be quickly implemented and we appreciate the insights provided to us by the Office of the State Comptroller in its state-wide auditing of school districts.