Audit & Accountability Committee

Audit & Accountability Committee

-

English
3 Pages
Read
Download
Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

Description

Hilliard City School District Audit and Accountability Committee Mission The mission of the Audit and Accountability Committee for the Hilliard City School District shall be to assist the Board of Education in fulfilling its responsibility to assure district stakeholders that the district’s: • Internal and external financial reporting is reliable, • Internal control structure is effective and efficient, • Management practices and operations comply with all Board of Education policies, and applicable laws, regulations, and provisions of contracts and grants, and • Management practices and operations are effective and efficient. In fulfilling its mission, the Audit and Accountability Committee maintains free and open means of communication between the members of the Board of Education, the independent auditors, and management of the district (primarily, but not limited to, the Superintendent and the Treasurer). General Powers The general power and duties of the Audit and Accountability Committee for the Hilliard City School District shall be to ensure that: • Management has maintained the reliability and integrity of the accounting policies and financial reporting and disclosure practices of the district; • Management has established and maintained processes designed to assure effective and efficient district operations; • Management has established and maintained processes to assure compliance by the district’s compliance with all Board ...

Subjects

Informations

Published by
Reads 51
Language English
Report a problem
Hilliard City School District Audit and Accountability Committee Mission The mission of the Audit and Accountability Committee for the Hilliard City School District shall be to assist the Board of Education in fulfilling its responsibility to assure district stakeholders that the districts: Internal and external financial reporting is reliable, Internal control structure is effective and efficient, Management practices and operations comply with all Board of Education policies, and applicable laws, regulations, and provisions of contracts and grants, and Management practices and operations are effective and efficient. In fulfilling its mission, the Audit and Accountability Committee maintains free and open means of communication between the members of the Board of Education, the independent auditors, and management of the district (primarily, but not limited to, the Superintendent and the Treasurer). General Powers The general power and duties of the Audit and Accountability Committee for the Hilliard City School District shall be to ensure that: Management has maintained the reliability and integrity of the accounting policies and financial reporting and disclosure practices of the district; Management has established and maintained processes designed to assure effective and efficient district operations; Management has established and maintained processes to assure compliance by the districts compliance with all Board of Education policies, and applicable laws, regulations, and provisions of contracts and grants. Name and Purpose The name of the committee shall be the Audit and Accountability Committee. A primary task of the Board of Education is assuring that the district has the necessary financial resources to satisfy its mission and to facilitate maximum learning for every student.In order to fulfill this responsibility, the Board needs to continuously assess current and projected revenues and expenditures. The Board realizes that school finance is highly regulated with many restrictions placed on both revenue and expenditures.The districts Treasurer, who reports directly to the Board, prepares financial projections and oversees the collection of revenue and the expenditure of funds.
 2
In order to bring an increased community perspective to the districts finances, the Board of Education will annually organize and convene the Audit and Accountability Committee to serve as advisors to the board. The purpose and intent of the committee is to assist the Board in a financial advisory role and not a decisions-making committee.It is not the intent of the committee to partake in the day-to-day operations/decisions of the Treasurer or the districts administration, nor is it the intent of the committee to address state school funding issues. Members Elected Members The committee shall be composed of two elected members of the Board of Education.The expiration of the term of office of at least one elected member shall not coincide with that of the other elected member.Board members will be appointed at its annual January organizational meeting. Non-elected Members The committee shall be composed of up to eight non-elected members appointed by the Board. Non-elected members shall have, collectively, sufficient knowledge of accounting, finance, law, and business practices.Non-elected members shall be appointed upon the recommendation of the Boards President and the approval by the Board.Vacancies shall be filled by the committee for the remainder of the calendar year. Terms of Appointment Elected Members Once assigned to the Audit and Accountability Committee, elected members shall serve until the end of the calendar year.At least one elected committee member will serve on the committee the following year for continuity. Non-elected Members Non-elected members appointed to the Audit and Accountability Committee shall serve until resignation, the expiration of a term of appointment, or removal by cause.Non-elected members may serve one additional three-year term, upon the mutual agreement of the member and the Board of Education. Not more than four non-elected members shall initially serve two years for their first term.Not more than the remaining four non-elected members shall serve more than three years for their first term.Henceforth, non-elected members may be reappointed for one additional three-year term upon mutual agreement of the member and the Board of Education.
Approved by Board of Education 10/27/08
 3
Powers and Duties Meet four times per year:February, May, September, and November. Review annually the forecasting assumptions made by the Treasurer, which leads to the financial projections included in the districts five year forecast. Share business and financial best practices from the private and public sectors and recommend operational efficiencies. Review the independent auditors opinions rendered with respect to such financial statements, including review the nature and extent of any significant changes in accounting principles or the application therein. Provide an independent, direct communication between the Board of Education and independent auditors. Review the programs and policies of the district designed to ensure compliance with applicable laws and regulations and monitoring the results of these compliance efforts. Maintain minutes or other records of meetings and activities of the Audit and Accountability Committee. Review the schedule of levies (timing and estimated millage amounts)--based upon the most current five-year projections--and advise the Board. Prepare and present reports on committee activities to the Board at public meetings no fewer than two times annually.
Approved by Board of Education 10/27/08