Williamsville Central School District

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FISCAL Accounting & Reporting

Adoption Date: 7/7/2009
5000 - Non-Instructional/Business Operations


Compliance with New York State Commissioner of Education Regulation
The Williamsville Central School District will establish and maintain an Audit Committee that will fulfill all requirements of the School District Financial Accountability Regulations set by the Commissioner of Education and found in Section 170.2.

The Audit Committee members will be appointed annually by the Board of Education at its Organizational meeting. Members of the Audit Committee shall uphold all ethical standards that are followed by the Board of Education. These ethical standards will also pertain to any confidentiality that may arise between the External Auditor and the Committee concerning the District's financial information.

Establishment of Audit Committee
The Audit Committee shall take on an advisory role to the Board of Education and shall not be a substitute for any required review and/or acceptance requirements that are the responsibility of the Board of Education. The Audit Committee may request the District Administration for information and assistance as necessary to accomplish the tasks and duties as stated in this policy.

The Audit Committee shall have at least three members. Members of this committee should collectively possess knowledge in accounting, auditing, financial accounting, and school district finances. Audit Committee members who are not a member of the Board of Education must meet the independent criteria of the regulation. They shall not be:

  1. Employed by the District.
  2. An individual who within the last two years has provided services or goods to the District.
  3.  An owner of a company who has a direct and material interest in providing goods and services to the District.
  4. A person who is either a close acquaintance or has a family member who is an employee, officer, or contractor providing services to the District.
  5. Duties and Responsibilities of the Audit Committee to the Board of Education
  6. Provide recommendations regarding the appointment of the District's External Auditor.
  7. Meet with the External Auditor prior to the commencement of the annual audit.
  8. Participate in the annual risk assessment process undertaken by the External Auditor to fulfill State and Federal reporting requirements consistent with government auditing standards for financial statement and federal single audit standards reporting.
  9. Review the draft version of the annual audit and management letter from the External Auditor.
  10. Recommend to the Board of Education acceptance of the annual audit and assist in interpreting the report as may be necessary.
  11. Review the District's response to the management letter, including risk assessment items, and assist in the follow-up of the District's corrective action plan as directed by the Board of Education.
  12. Assist in the oversight of the Internal Auditor function as directed by the Board of Education.
  13. Review and approve the written Audit Committee Charter.
  14. Schedule meetings as necessary to perform the functions required of the Committee. At least one annual meeting will be held.
The Audit Committee shall provide the Board of Education with an annual report in regard to committee meetings and the accomplishment of their duties. The reports shall include:

  1. Activities of the Audit Committee.
  2. Summary of the Audit Committee minutes.
  3. Any significant findings brought to the attention of the Audit Committee by either the external or internal audit process.
  4. Any indications of suspected fraud, waste, or abuse.
The Audit Committee may conduct an Executive Session pursuant to Public Officers Law Section 105 pertaining solely to the following matters:

  1. To meet with the External (Independent) Auditor prior to commencement of the audit;
  2. To review and discuss with the External (Independent) Auditor any risk assessment of the District's fiscal operation developed as part of the Auditor's responsibilities under governmental auditing standards for a financial statement audit and federal single audit standards if applicable; and
  3. To receive and review the draft annual audit report and accompanying draft management letter and, working directly with the External (Independent) Auditor, assist the Board of Education in interpreting such documents.
Any Board member who is not a member of the Audit Committee may be allowed to attend an Audit Committee meeting if authorized by a Board resolution. However, if such Board member's attendance results in a meeting of a quorum of the full Board, any action taken by formal vote may constitute official Board action.