Members of the audit committee must collectively possess knowledge in accounting, auditing, financial reporting and school district finances. In addition, committee members may not reveal any confidential information obtained during the exercise of their duties.
The duties of the audit committee shall include the following:
- Oversight of the external auditor, claims auditor and internal auditor;
- Meet with the external auditor, claims auditor and internal auditor before and after their audits and reviews;
- Assist in the oversight of the external audit function, including but not limited to:
- 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 standard's for a financial statement audit and federal single audit standards if applicable;
- Receive and review the draft annual audit report and draft management letter and working directly with the external auditor, assist the Board in interpreting these documents;
- Make recommendations to the Board on whether to accept the annual audit report;
- Review every corrective action plan that the Education Law Section 2116-c requires school districts to develop and assist the Board in implementation of this plan;
- Assist in the oversight of the internal audit function, including, but not limited to:
- Reviewing significant finding and recommendation of the internal auditor;
- Monitoring the District's implementation of the internal audit function.
- Report to the Board on its activities on an as-needed basis, but not less than bimonthly. Each report must address or include at minimum:
- The audit committee's activities;
- A summary of the committee meeting minutes
- Significant findings brought to the committee's attention;
- Any indications of suspected fraud, waste or abuse;
- Significant internal control findings;
- Activities of the internal audit function.
- Hold regularly scheduled meetings sufficient to fulfill all committee duties
- Annually review the audit committee charter and present recommended modifications, if any, in writing to the Board.
The audit committee will meet at least five (4) times each year. All audit 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.
