420: Financial Accountability & Audit
Responsible Administrator: Associate Superintendent Corporate Services
PURPOSE
The Board believes that an annual professional audit of its financial operation is essential for maintaining credibility and financial accountability for tax dollars spent on education.
PROCESS
Central Office personnel shall prepare financial statements based on the previous school year for completion on or before November 15th each year.
PROCEDURE
1. The auditor shall be appointed by the Board for a three to five year commitment, with Board confirmation annually at the January Board meeting.
1.1 The appointment of an auditor shall be carried out only after a review of qualifications and of the audit fee structure.
1.2 The auditor appointed shall be expected to perform those duties as specified in the Education Act and regulations thereto, including submitting a report on the Board’s annual financial statement and submitting an annual management letter on financial procedures.
2. The Minister may prescribe audit procedures to be used that differ from generally accepted accounting principles.
3. The auditor shall meet with Board representatives to review any report that they are required or requested to prepare.
4. The auditor shall meet with the Associate Superintendent Corporate Services on a regular basis to discuss audit procedures.
4.1 The Associate Superintendent Corporate Services shall ensure that the auditor shall at all times be given access to all records, documents, books of account and vouchers of the Board.
5. The Board Chair shall ensure that the auditor’s report is submitted to the Board at its next regular meeting following receipt of that report. The auditor shall send to the Minister of Education copies of the Board’s financial statement, their report on that financial statement, and a copy of the annual management letter on financial procedures.
6. The Associate Superintendent Corporate Services shall develop appropriate procedures for the external and internal audit of individual school financial records.
Reference:
Board Policy 225: Role of the Board
History
2020 Jan 29 Initial Approval
2021 Dec 8 Amended
Administrative Procedures IV. Business Administration (Financial Reporting)