707.6 - AUDIT COMMITTEE (5-11-2022)

The board recognizes that it is charged with raising tax revenues and related expenditures to maintain the educational program for the school district.  Public funds are held in trust by the board to be spent appropriately on the educational program.  To further ensure funds are spent appropriately, the board establishes an audit committee to assist the board on internal financial matters and with the annual audit. 

The audit committee is comprised of: 1 board member, 2 administrators, and 3 public members.

The audit committee chair is selected by the audit committee.

The major responsibilities of the audit committee are to:

• Recommend an auditor to the board every three years.
• Oversee the selection of the independent auditor and the resolution of audit findings including compliance with the mandatory request for proposal process.
• Act as a liaison between the board and the auditor during the audit process.
• Annually report to the board about the annual audit.
• Recommend internal changes that may need to be made to ensure appropriate internal controls are being implemented.

The audit committee will meet as directed by its chair.  The audit committee is subject to the open meetings law.

Legal References:          American Competitiveness and Corporate Accountability Act of 2002, Pub. L. No. 107-204.

                                       Iowa Code ch. 11, 279.8.

Cross References:          208       Ad Hoc Committees

                                    707.5    Internal Controls

Approved:  March 12, 2008                  

Reviewed:  January 13, 2016; May 11, 2022

Board Policy East Buchanan Community Schools