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The Board will designate and appoint an Audit Committee for purposes of overseeing and carrying out the Board’s audit policies and the performance of related duties and responsibilities. The District’s Audit Committee is comprised of a minimum of three members and a maximum of five members including a minimum of two Board trustees and a minimum of one resident from the community. The members shall be appointed to serve on the committee on an annual basis. Employees of the District are prohibited from serving on the committee.

The duties and responsibilities of the District’s Audit Committee include the following:

External Audit Focus

1. Recommend selection of the external auditor to the Board.

2. Meet with the external auditor prior to commencement of the audit to review the engagement letter.

3. Review and discuss with the external auditor any risk assessment of the District’s fiscal operations developed as part of the auditor’s responsibilities under governmental auditing standards for a financial statement audit and federal single audit standards, if applicable.

4. Review the external auditor’s assessment of the District’s system of internal controls.

5. Receive and review the draft annual audit report and accompanying draft management letter and, working directly with the external auditor, assist the Board in interpreting such documents.

6. Make a recommendation to the Board on accepting the annual audit report.

7. Review any corrective action plan developed by the District and assist the Board in the implementation of such plans.

8. Oversee the filing of the Auditor’s Management Letter and the District’s Management Response Letter with the NYS Comptroller’s Office.

Internal Audit Focus

1. Make recommendations to the Board regarding the appointment of the internal auditor.

2. Assist the District in the oversight of the internal audit function.

3. Review the annual internal audit plan and consult with the internal auditor to ensure that high risk areas and key control activities are periodically evaluated and tested.

4. Review the results of internal audit activities and significant recommendations and findings of the internal auditor.

5. Oversee the filing of the Auditor’s Management Letter and the District’s Management Response Letter with the state

6. Monitor implementation of the internal auditor’s recommendations by management.

7. Participate in the performance evaluation of the internal audit function.

Administrative Matters

1. Hold at least one scheduled meeting annually and prepare minutes of all meetings.

2. Review the Audit Committee Charter and recommend revisions to the Charter as needed for approval by the Board.

3. Administer other related duties as prescribed by the Board.

The Audit Committee may conduct an executive session in accordance with law and Commissioner’s regulation. Any member of the Board who is not a member of the Audit Committee may be allowed to attend an executive session if authorized by a resolution of the Board.

It is not the intent of the Board that the Audit Committee participate in or be responsible for the day to day operations of the District or in the decisions that are the responsibility of the Superintendent or Assistant Superintendent for Business, or the other District administrators.

Ref: Education Law §2116-c

8 NYCRR §170.12 (d)

Amended date: December 20, 2010

Amended date: July 12, 2021