From the District's standpoint, items 2, 3, 5, & 8 are a high priority in conjunction with the upcoming audit. The other items won't likely be given much time in our first meeting, but will likely lead into discussions in future meetings.
AGENDA ITEMS:
Introductions of the audit committee and staff
1. Review of audit committee's roles & responsibilities - USOE R277-113
2. Review of District's new accounting policies & procedures manual - work in progress
3. Review of District's risk assessment:
*Programs and locations with recent changes in personnel
*Programs and locations with known red flags
*Operations with inherent internal control challenges
*Risks identified last year in which the District is currently responding to
*Payroll
*Capital assets and inventory
*Independently performed bank reconciliations for school checking accounts, separate from school staff
*Findings from last year's Single Audit and State Compliance
*Audit Compliance - the district's purchasing policy and procedures given the May change in policy and procedures per state legislation
4. Review of recent internal audits/reviews, findings, staff response, and corrective action plans
*Special Education
*Food Service
5. Review of state compliance requirements for upcoming FY13 audit
6. Group Discussion: Future Internal Audit Engagements & Instructions for Independent Auditors
7. Set next audit committee meeting in June or July (prior to independent auditors field work)
8. The audit time line, close out plan & time line, etc.
Thanks again everyone for your patience and flexibility the last few weeks. We really appreciate it. Please feel free to give me a call anytime. My cell is 435.310.0497.