When conducting a financial audit for a school, e.g.. 2011-2012, do you look at transactions from January to December of each year?

What do they define their fiscal year as... and the answer to that doesn't have to match the calender year, and probibly doesn't.

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Originally Posted by smoothy

What do they define their fiscal year as... and the answer to that doesn't have to match the calender year, and probibly doesn't.

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September - August

I would use that then... because Augusts Finances fall on the previous years bugets... while septembers a month later will count againts the next years.

THe 2011 fiscal year would run from Sept 2010 thru August 2011, with sept 2011 - august 2012 being the 2012 fiscal year.