Finance and Audit Committee

The purpose of the Finance & Audit Committee is to oversee and carry out the Board’s audit policies and the performance of related duties and responsibilities in accordance with Board of Education Policy #6690 and related charter exhibit #6690-E.

Annual Objectives/Priority Areas (From Board Policy Exhibit #6690-E)

 External Audit Focus

• Recommend selection of the external auditor to the Board of Education
• Meet with the external auditor prior to commencement of the audit to review the engagement letter
• Review and discuss with the external auditor any risk assessment of the district’s fiscal operations developed as part of the auditor’s responsibilities under governmental auditing standards for a financial statement audit and federal single audit standards, if applicable
• Review the external auditor’s assessment of the district’s system of internal controls
• Receive and review the draft annual audit report and accompanying draft management letter and, working directly with the external auditor, assist the Board of Education in interpreting such documents
• Make a recommendation to the Board of Education on accepting the annual audit report
• Review any corrective action plan developed by the school district and assist the Board of Education in the implementation of such plans

 Internal Audit Focus

• Make recommendations to the Board of Education regarding the appointment of the internal auditor
• Assist in the oversight of the internal audit function
• Review the annual internal audit plan to ensure that high risk areas and key control activities are periodically evaluated and tested
• Review significant recommendations and findings of the internal auditor
• Monitor implementation of the internal auditor’s recommendations by management
• Provide input on the performance evaluation of the internal auditor

Administrative Matters

• Hold meetings to perform its duties as required
• Administer other related duties as prescribed by the Board of Education
• Review the Finance & Audit Committee charter and recommend changes to the Board of Education
• Meet with the claims auditor on a periodic basis to review process, answer questions, and make recommendations as appropriate
• Share Committee reports, information, process and best practices with other school districts

Meeting Schedule