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
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
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
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.