1.Audit. A school board shall provide for an annual audit of the school administrative unit. The audit shall include the following:
A. Accountability of all revenues and expenditures; [1985, c. 797, §36 (NEW).]
B. A determination of whether or not proper budgetary controls are in place; [1985, c. 797, §36 (NEW).]
C. A determination of whether or not the annual financial data submitted to the department is correct; [2007, c. 668, §31 (AMD).]
D. An audit of all federal programs in accordance with applicable federal law; [1985, c. 797, §36 (NEW).]
E. A determination as to whether the school administrative unit has complied with applicable provisions of the Essential Programs
and Services Funding Act; and [2005, c. 683, Pt. A, §24 (AMD).]
F. Any other information which the commissioner may require. [1985, c. 797, §36 (NEW).]
[
2007, c. 668, §31 (AMD)
.]
2.Fiscal year. The fiscal year of an audit shall be from July 1st to June 30th, except that audits of federal programs shall conform to
federal requirements.
[
1985, c. 797, §36 (RPR)
.]
3.Auditors. Audits shall be conducted by either the Department of Audit or qualified certified public accountants or public accountants
registered by the Board of Accountancy.
[
1985, c. 797, §36 (RPR)
.]
4.Initial report to commissioner. On or before November 1st, the school board shall provide the commissioner with:
A. [2001, c. 344, §8 (RP).]
B. [2001, c. 344, §8 (RP).]
C. Written determination of whether or not proper budgetary controls are in place; [2001, c. 344, §8 (NEW).]
D. A written determination of whether or not the annual financial data submitted to the department is correct, including submission of an audited reconciliation of the annual financial data prepared and certified by the auditor; and [2007, c. 668, §32 (AMD).]
E. A written determination as to whether the school administrative unit has complied with applicable provisions of the Essential
Programs and Services Funding Act. [2005, c. 683, Pt. A, §25 (AMD).]
[
2007, c. 668, §32 (AMD)
.]
5.Records. Financial records and accounts shall be kept for 7 years after the end of the fiscal year and shall be available to the
auditors and any other upon request.
[
1985, c. 797, §36 (RPR)
.]
6.Report to commissioner. Within 6 months after the end of the audit period, the school board shall provide the commissioner with:
A. A copy of the audit report; [2001, c. 344, §9 (NEW).]
B. Accountability of all revenues and expenditures; [2001, c. 344, §9 (NEW).]
C. Written assurance that the audit has been conducted in accordance with applicable state and federal laws relating to financial
and compliance audits; and [2001, c. 344, §9 (NEW).]
D. Any other information that the commissioner may require. [2001, c. 344, §9 (NEW).]
[
2007, c. 668, §33 (AMD)
.]
SECTION HISTORY
1981, c. 693, §§5,8 (NEW).
1985, c. 797, §36 (RPR).
RR 1993, c. 1, §45 (COR).
2001, c. 344, §§7-9 (AMD).
2005, c. 683, §§A24,25 (AMD).
2007, c. 668, §§31-33 (AMD).
Data for this page extracted on 11/06/2009 08:45:23.