RESPONSIBILITY AND CHARGE OF THE COMMITTEE
- Election of a Chair
- Selection of a person to take the Minutes of the meetings.
- Placement of Minutes on website
- A strong commitment for attendance at meetings. Each Committee to report on attendance requirements
- Exploration of Sub-Committees.
- The Board reserves the right to accept, reject or modify all or any part of a Committee recommendation
- Committee appointments shall be approved annually by the Board upon recommendation of the Superintendent of Schools.
The audit committee will provide independent assistance to the Board in the oversight of its external and internal audits.
The audit committee will be composed of at least three (3) representatives and include at least two (2) Board members. If the Board of Education decides to ask non-Board members to join the audit committee, the Board will set up criteria, call for volunteers and develop an application process. The audit committee must collectively possess knowledge in accounting, auditing, financial reporting and school district finances. The following individuals are prohibited from serving on the audit committee:
- An employee of the District;
- An individual who within the last two years provided or currently provides services or goods to the District;
- An individual who owns or has a direct and material interest in a company providing goods or services to the District; and
- A close or immediate family member of an employee, officer or contractor providing goods or services to the District. The term “close or immediate family member” includes parent, sibling, nondependent child, spouse, spouse equivalent or dependent, whether or not related.
Duties and Responsibilities
- Oversee the competitive Request for Proposal (RFP) process used to select the District’s external auditor and internal auditor and provide recommendations regarding the appointment of same.
- Meet with the external/internal auditor before the audit as directed by the Board.
- Review and discuss with the external/internal auditor any risk assessment of the District’s fiscal operations developed as part of the auditor’s responsibilities.
- Review the external/internal auditor’s assessment of the district’s system of internal controls.
- Receive and review all audit reports and management letters; make a recommendation to the Board on whether to accept the audit report.
- Review the corrective action plans drafted by District representatives.
The audit committee will meet at least two (2) times each year. All committee decisions must be made by a quorum or simple majority of the total membership. Audit committee meetings may not be conducted unless a quorum is present.