Fayette County school board asked to approve new annual auditor for estimated $131,750
Trying to work through revelations that district staff had misstated finances for years, the Fayette County Board of Education will be asked at a Monday meeting to approve a contract with a new company for its annual required audit.
Agenda documents say the contract is not to exceed $131,750 plus $225 per hour for ancillary or supplementary services.
A motion is on the agenda to approve a contract with the Atlanta-based Mauldin & Jenkins Certified Public Accountants for audit services for the 2025-26 fiscal year and a restatement of fiscal year 2024-25.
The Kentucky State Committee for School District Audits requires all local school districts to provide an annual independent audit of financial records and accounts under the board’s control. The accountant selected must be a certified public accountant registered with the State Board of Accountancy and the State Committee for School District Audits.
State and federal regulations and board policy requires that the district’s financial records be audited annually. A request for proposals was distributed seeking audit services for the restatement of FY 2024-25, an annual audit of FY 2025-26, as well as ancillary, or supplementary services through FY 2029-2030. The District received one response to the RFP from Mauldin & Jenkins Certified Public Accountants.
The firm is headquartered in Atlanta, but FCPS will be served by their office in Chattanooga, Tennessee. Mauldin & Jenkins does extensive work in the area of school district audits with clients in Louisiana, Georgia, Alabama, Florida, South Carolina and Tennessee, a meeting agenda said.
“References have been checked and all comments are very positive,” the agenda said.
The proposed contract says the audit is expected to be completed on or before Nov. 15, 2026.
Kyna Koch, the interim chief financial officer hired to help fix the district’s financial problems, has suggested the district change auditors every four years.
Other special examinations of the district finances, including one by Kentucky Auditor Allison Ball, are also underway.