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In accordance with law, the Board establishes an internal audit function to carry out the following tasks:

• Develop an annual risk assessment of District fiscal operations which shall include, but not be limited to:

a. a review of financial policies and procedures,

b. the testing and evaluation of one or more areas of District internal controls;

• Review and update such risk assessment as needed; and

• Prepare reports, at least annually or more frequently as the Board may direct, which:

a. analyze significant risk assessment findings,

b. recommend changes for strengthening controls and reducing identified risks, and

c. specify timeframes for implementation of such recommendations.

Entities performing this function shall report directly to the Board and provide a copy of the risk assessment to the Board. The District’s audit committee will assist in the oversight of this internal audit function.

Cross-ref: 6690, Audit Committee

Ref: Education Law §2116-b

Adoption date: February 26, 2008

Amended date: September 12, 2022