Audit Committee

The District’s Board of Education ensures that an appropriate audit committee is in place to perform the following responsibilities:

· Ensures that management properly develops and adheres to a sound system of internal controls consistent with the requirements of R277-113-5;

· Receives a report of the risk assessment process undertaken by management in developing the system of internal controls;

· Develops a process to review financial information, financial statements, and LEA and individual school records on a regular basis;

· Ensures 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;

· Receives 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;

· Reviews 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;

· Ensures that matters reported by external audits, internal audits, or other regulatory bodies are resolved in a timely manner.

The District’s Board of Education has at its option to appoint members of the board or other designees to serve on the audit committee.