PSD Audit Committee Minutes 07 12 2005
2 Pages
English

PSD Audit Committee Minutes 07 12 2005

-

Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

Description

Poudre School District Audit Committee MINUTES July 12, 2005 Members Present Debbie Bostak, Community Member Ross Cunniff, President, Board of Education Molly Janzen, Controller, Poudre School District Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District Terri Sunset, Community Member Cheryl Zimlich, Co Member Notebook Contents Information presented in the Audit Committee notebook was reviewed. Such items included a copy of the initial Insight to the Board of Education regarding the establishment of an Audit Committee within Poudre School District; the Government Finance Officers Association (GFOA) Recommended Practice; some sample Colorado Audit Committee board policies; various articles, guides and checklists; and specific district audit information related to the upcoming 2005 fiscal year audit. Review of Insight—Objectives, Timeline, Committee Membership The Committee had much discussion related to the purpose and role of an Audit Committee and how such a committee would operate within Poudre School District. One of the major objectives agreed upon is that the Committee would assist the Board of Education in fulfilling its financial oversight responsibilities by providing for an independent and objective party to monitor the District’s financial and compliance reporting process and internal control system. Jim Sarchet suggested that additionally, he would welcome input from the Committee related ...

Subjects

Informations

Published by
Reads 55
Language English
Preliminary Minutes
July 12, 2005
Page 1
Poudre School District Audit Committee
MINUTES
July 12, 2005
Members Present
Debbie Bostak, Community Member
Ross Cunniff, President, Board of Education
Molly Janzen, Controller, Poudre School District
Jim Sarchet, Assistant Superintendent of Business Services/CFO, Poudre School District
Terri Sunset, Community Member
Cheryl Zimlich, Community Member
Notebook Contents
Information presented in the Audit Committee notebook was reviewed. Such items
included a copy of the initial Insight to the Board of Education regarding the
establishment of an Audit Committee within Poudre School District; the Government
Finance Officers Association (GFOA) Recommended Practice; some sample Colorado
Audit Committee board policies; various articles, guides and checklists; and specific
district audit information related to the upcoming 2005 fiscal year audit.
Review of Insight—Objectives, Timeline, Committee Membership
The Committee had much discussion related to the purpose and role of an Audit
Committee and how such a committee would operate within Poudre School District. One
of the major objectives agreed upon is that the Committee would assist the Board of
Education in fulfilling its financial oversight responsibilities by providing for an
independent and objective party to monitor the District’s financial and compliance
reporting process and internal control system. Jim Sarchet suggested that additionally, he
would welcome input from the Committee related to how to improve upon processes and
procedures.
Cheryl Zimlich asked a question related to potential liability for members of the Audit
Committee should an issue arise. Ross Cunniff suggested that an option might be for the
Board of Education to indemnify the Committee. Molly Janzen stated that she would
research the issue and respond back to the Committee.
Also discussed was the Committee’s role in confirming and assuring the independence of
the District’s auditors. Such items as focus of audited transactions, sample sizes, etc.,
were thought by the Committee to be appropriate questions to ask the auditors in the
upcoming entrance conference conducted prior to the 2005 fiscal year audit. A question
related to the current cost of our audit was presented, and Molly Janzen agreed to report
this information back to the Committee.
Preliminary Minutes
July 12, 2005
Page 2
At this point, the Committee added one additional meeting to the suggested timeline.
That meeting will occur prior to the entrance conference with the auditors. The
Committee agreed that it would be beneficial to individually review materials, then meet
to discuss conclusions made in that review process.
One other item discussed was whether a board policy establishing the Audit Committee is
necessary. Ross Cunniff suggested consulting with Tom Crabb, PSD attorney, to
determine what should be considered in such a policy.
Committee Chair
The Committee discussed electing a chairperson of the PSD Audit Committee. Molly
Janzen suggested that it would not be appropriate for either her or Jim Sarchet to be the
chair of the committee. Ross Cunniff recommended that since the Audit Committee
reports to the Board of Education, he should not be considered for the chairperson. As a
result of the discussion, Debbie Bostak agreed to represent the Audit Committee as the
chairperson of the Committee.
Establish Charter
Members of the Committee agreed that review of materials and more discussion needed
to occur before establishing a detailed charter. Molly Janzen suggested that the AICPA’s
Toolkit provides a generic template that might be utilized and altered as necessary this
first year. The Committee will discuss this item at the next meeting.
Fraud/Anonymous Submission
Molly Janzen brought up the idea of establishing some sort of confidential and
anonymous mechanism to encourage employees to report potential fraud. Establishing a
hotline was one idea offered. It was also suggested that perhaps this hotline could be
used for more than just potential fraud reporting. The Committee agreed that this is an
area to consider after further review and discussion.
Future Meetings
Wednesday, August 10, 2005 – 4:00 to 6:00 p.m., Johannsen Support Services Center
Committee members only will meet to discuss issues and to prepare for the entrance
conference with District auditors.
Wednesday, August 17, 2005 – 4:00 to 6:00 p.m., Johannsen Support Services Center
Committee members will meet with District’s independent auditors, Vicki Sweet and
Steve Collins, Sample & Bailey, Certified Public Accountants, P.C.