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The District audit committee is organized by policy through the Board of

Education. The audit committee is comprised of two board of education members and

other members of the committee such as the Superintendent, Business Administrator

and program directors shall be appointed by the board of education. The external

auditors and District and school administrators may be invited to attend when

applicable. The responsibilities of the audit committee are as follows:

 

1) The audit committeeʼs main function is to focus on various aspects of

financial reporting and compliance with significant applicable legal, ethical, and

regulatory requirements.

 

a) Ensuring that management properly develops and adheres to a sound

system of internal controls consistent with the requirements of R277-113-5.

 

i) Receiving a report of the risk assessment process undertaken by

management in developing the system of internal controls.

 

2) The audit committee assists with overseeing the integrity of the Districtʼs

financial statements.

 

a) Developing a process to review financial information, financial statements,

and LEA and individual school records on a regular basis.

 

b) Receiving communication from or meeting with the external auditors

annually and receiving a direct report of the audit findings, exceptions, and other

matters noted by the auditor. The external auditors will also report this information

directly to the board of education.

 

c) Ensuring that matters reported by external audits, internal audits, or other

regulatory bodies are resolved in a timely manner.

 

3) Reporting the annual audit reports and findings or other matters

communicated by the external auditor or other regulatory bodies to the LEA board in

a public meeting.

 

4) Hiring of the external auditors including their qualifications, experience,

and independence in reporting.

 

a) Ensuring that management conducts a competitive RFP process to hire

external auditors and other professional services and making a recommendation to

the LEA board on the results of the RFP process consistent with the State

Procurement Code.

 

5) Performance of the Districtʼs internal audit functions.

 

6) Handle financial complaints that come to the board or the office and

determine what needs to be done.

 

Approved 06/29/90
Revised 09/11/13