DJ-P0 - Audits
Section D: Fiscal Management
Appointment of auditors
“Each school board shall annually appoint an auditor, who shall be a chartered accountant, or an auditor approved by the provincial auditor and in determining whether a person is qualified to be approved for appointment as an auditor, the provincial auditor shall have regard to that person’s:
Education;
Training in accounting and auditing;
Practical experience in auditing;
and no person shall be appointed as an auditor who is not a member in good standing of an incorporated body of accountants in Canada which requires of its members and has power to enforce, a high standard of professional conduct.” [PSA 41(8)]
Annual Audit
“The auditor of the school division or school district shall annually make an examination of the financial affairs, books, accounts, records, and transactions of the division or district.” [PSA 41(9)]
Method of audit
“An examination made as required under subsection (9) shall be in accordance with generally accepted auditing practices, and shall include a general review of the adequacy of the accounting procedures and system of internal control employed to preserve and protect the assets”. [PSA 41(10)]
The Financial Statement
The annual auditor’s report and financial statement is distributed by the Secretary Treasurer to the Minister of Education and Advanced Learning as well as to Trustees. The Statement is available upon request to any interested person.