AUDIT COMMITTEE POLICY & PROCEDURES
The Board determines the membership of the audit committee. Generally, the committee is made up of 1) no more than two board members, 2) at least 2 board appointed financial/accounting specialists independent of management, and 3) the independent auditors of the district. The audit committee shall be separate from management, and management shall report and be accountable to the audit committee for the financial matters of the district consistent with R277-113. The audit/finance committee has the following responsibilities:
(1) ensuring that management properly develops and adheres to a sound system of internal controls consistent with the requirements of R277-113-5;
(2) receiving a report of the risk assessment process undertaken by management in developing the system of internal controls;
(3) developing a process to review financial information, financial statements, and LEA and individual school records on a regular basis;
(4) 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 Procurement Code;
(5) 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;
(6) 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;
(7) ensuring that matters reported by external audits, internal audits, or other regulatory bodies are resolved in a timely manner.