The purpose of the audit committee shall be to assure that the Board of Education fulfills its responsibilities for the District’s internal and external audit process, the financial reporting process and the system of risk assessment and internal controls over financial reporting; and provides an avenue of communication between management, the independent auditors, and the Board of Education.
The responsibilities of the Audit Committee shall include:
- Provide recommendations to the Board of Education regarding the appointment of the external auditor for the district;
- Meet with the external auditor prior to commencement of the audit;
- Review and discuss with the external auditors their risk assessment of the district’s fiscal operations;
- Receive and review the draft annual audit report and accompanying draft management letter, working directly with the external auditor, and assisting the Board of Education in interpreting such documents;
- Recommend to the Board of Education regarding accepting the annual audit report;
- Review every corrective action plan developed by the district in response to any findings identified in an audit report or management letter;
- Review the findings and recommendations of the external auditor
- Monitor the school district’s implementation of such recommendations.