1 A U D I T S U B C O M M I T T E E M E E T I N G P R E S E N T E - - PowerPoint PPT Presentation

A U D I T S U B C O M M I T T E E M E E T I N G

P R E S E N T E D T O : S W E E T W A T E R U N I O N H I G H S C H O O L D I S T R I C T A U D I T S U B C O M M I T T E E P R E S E N T E D B Y : K A R E N M I C H E L C H I E F F I N A N C I A L O F F I C E R F R A N C E S M A R T I N E Z I N T E R N A L A U D I T O R

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Fiscal Stability/Accountability Components:

• Well-defined and understood budget development

process

• Strong internal controls
• Regular on-going budget monitoring and reporting
• Timely financial reporting
• Year-end close activities including the financial audit

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Financial Audit

Serves multiple purposes

• Used for the purposes of evaluating internal controls and

systems

• Evidences good stewardship of the taxpayers’ money
• Opportunity to evidence District’s financial stability to

internal and external stakeholders

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Best Practices

Audit Committee is identified as a “best practice” by many

• rganizations
• Endorsed by National Association of Chief Business

Officers

• Endorsed by Institute of Internal Auditors
• American Institute of Certified Public Accountants; “The

implementation of audit committees by government entities both enhances financial transparency and controls…”

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Purpose and Benefits of Audit Committee

• Improve financial practices and reporting
• Active role in fraud prevention
• Ensure adherence to a system of internal control
• Ensures independence of auditors (both internal and

external)

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SUHSD Audit Committee Roles/ Responsiblilties

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Role:

• Act on behalf of the governing board to provide independent

recommendations to the Board of Trustees in the oversight of external and internal functions Responsibilities:

• Review annual internal audit plan
• Review results of internal and external audits & participate in

preparation of recommendations

• Review special audit requests
• Review board policies to ensure effective financial reporting
• Report to the Board of Trustee regarding status of previous audit

recommendations

Internal Auditor Role

• Independent review of control systems, policies, procedures
• Liaison with all audits
• Coordinates contract audit/external auditors
• Training

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High Risk Areas:

Cash handling/distribution

• ASB
• Principals Reports
• Bus Passes
• Nutrition
• Commercial Warrants
• Revolving Cash

Compliance

• Instructional Minutes
• Fixed Asset Inventory
• Special Audits/Requests
• Attendance

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