POLICY NUMBER:
200.01
ADOPTED:
11.12.2024
Board Policy
- The Board of Education shall establish a District audit committee as a standing committee of the Board and shall appoint the members of the committee and replace such members from time to time. The committee shall consist of three members of the Board of Education having appropriate character and qualifications but who are not administrators or other employees of the District.
- The Board President shall see that members of the Board of Education serving on the audit committee are provided to with training on requirements of internal audits, (See 53G-7-402, and R277-113-4) as part of the audit committee on-boarding process.
- The Board of Education shall maintain the following information on the District’s website:
- Names of the governing board members who serve on the audit committee;
- The name and contact information of the internal audit director; and
- A copy of the annual audit plan.
- The audit committee shall:
- ensure the District obtains all audits, agreed-upon procedures, engagements, and financial reports as required by accounting reports in statute (See, Utah Code 51-2a201).
- provide an independent forum for internal auditors, internal audit contractors, and other regulatory bodies to report findings of fraud, waste, abuse, non-compliance, or control weaknesses, if any District administration in involved.
- ensure that corrective actions on findings, concerns, issues, and exceptions reported by independent external auditors, internal auditors, or other regulatory bodies are resolved in a timely manner.
- present, as appropriate, information and reports from the audit committee meetings to the Board of Education;
- receive, as appropriate, reports of reviews, monitoring, or investigations conducted in a timely manner.
- The audit committee shall have the following responsibilities over the external audit and engagements completed by an independent external auditor:
- ensure that the district’s management conducts a competitive RFP process to hire
external auditors and other professional services and making a recommendation to the
Board of Education on the results of the RFP process consistent with the State
Procurement Code; - ensure the independent external auditor has access to directly communicate with the audit committee.
- receiving communication from or meeting with the external auditors annually and receiving a direct report of the audit findings, exceptions, and other matters noted by the auditor;
- review disagreements between independent control auditors and the administration.
- consider district management’s responses to audits or agreed upon procedures.
- ensuring that the district’s management properly develops and adheres to a sound system of internal controls;
- receiving a report of the risk assessment process undertaken by the district’s management in developing the system of internal controls;
- developing a process to review financial information, financial statements, and district and individual school records on a regular basis;
- reporting the annual audit reports and findings or other matters communicated by the external auditor or other regulatory bodies to the Board of Education in a public meeting;
- ensuring that matters reported by external audits, internal audits, or other regulatory bodies are resolved in a timely manner;
- ensure that the district’s management conducts a competitive RFP process to hire
- The audit committee shall have the following responsibilities over the internal audit:
- establish an internal audit program which is independent of other district offices, objectively evaluates the effectiveness of district operations (including governance, risk management, internal controls, and efficiency of operations), and is conducted in accordance with either the current International Standards for the Professional Practice of Internal Auditing or the Government Auditing Standards issued by the Comptroller of the United States;
- advise the Board of Education in the appointment of an internal auditor or in contracting for internal audit services.
- ensuring that the district’s management conducts a competitive RFP process to hire internal auditors and other professional services and making a recommendation to the Board of Education on the results of the RFP process consistent with the State Procurement Code
- conduct or advise the Board in an annual evaluation of the internal audit director or contractors providing internal audit services.
- prioritize the internal audit plan based on risk.
- receive regular updates on the internal audit plan and internal audit project progress and receive final audit reports from internal auditors or contractors providing internal audit services.
- ensure that copies of all reports of audit findings issued by the internal auditors are available upon request to the audit director of the Utah State Board of Education, the Office of the State Auditor, and the Office of Legislative Auditor General;
- ensure that significant audit matters that cannot be appropriately addressed by the internal auditors are referred to the audit director of the Utah State Board of Education, the Office of the State Auditor, or the Office of Legislative Auditor General.
- Internal Audit Program: The audit committee shall establish an internal audit program. An “internal audit program” is an audit function conducted by the Board of Education which is independent of other district offices, objectively evaluates the effectiveness of district operations (including governance, risk management, internal controls, and efficiency of operations), and is conducted in accordance with either the current International Standards for the Professional Practice of Internal Auditing or the Government Auditing Standards issued by the Comptroller of the United States. An “audit director” is an individual who directs the internal audit program. With the advisement of the audit committee, the Board of Education may appoint an audit director. Rather than appointing an audit director, the Board of Education may also, with the advisement of the audit committee, contract directly for internal audit services.
Forms
None
Document History
Revised – 11.12.2024 – Policy 200.01 was updated to align with requirements outline in R277-113 regarding District audit committees.
Adopted – 3.17.2015.
This online presentation is an electronic representation of the Canyons School District’s currently adopted policy manual. It does not reflect updating activities in progress. The official, authoritative manual is available for inspection in the office of the Superintendent located at 9361 South 300 East Sandy, UT 84070.
