6005 - Audit Committee
The Chappaqua Board of Education recognizes the necessity for strong oversight of District financial operations in order to promote the fiscal integrity of the District. Accordingly, the Board shall appoint an Audit Committee to assist in the oversight of both internal and external audit functions.
The composition of the Audit Committee shall be determined annually by the Board of Education. The Committee shall be comprised of at least three members of the Board of Education. The Board may appoint, on an annual basis, non-Board members to the Audit Committee if the Board deems that such composition is advisable to provide the requisite accounting, auditing, and financial reporting expertise. The Board shall appoint one of its members to chair this committee annually. Employees of the District are prohibited from serving on the Audit Committee, although the Superintendent and Assistant Superintendent for Business may be invited to attend meetings.
The role of the Audit Committee shall be advisory. Recommendations made to the Board shall not be substituted for appropriate review and action by the Board of Education.
The Audit Committee shall develop a formal, written charter describing its purpose, mission, duties, responsibilities and membership. This charter shall be submitted to the Board of Education for approval and reviewed annually.
The advisory duties and responsibilities of the Audit Committee shall include:
- Making recommendations to the Board of Education regarding the appointment or reappointment of the Internal Auditor
- Assisting in the oversight of the internal audit function including the review of the annual internal audit plan and the results of internal audit activities, and the implementation of recommendations made to the Administration and Board of Education
- Providing input to the Board of Education on the performance evaluation of the Internal Auditor
- Making recommendations to the Board of Education on the appointment of the External Auditor
- Meeting with the External Auditor prior to commencement of the audit to review the engagement letter
- Reviewing and discussing with the External Auditor any risk assessment of the District's fiscal operations developed as part of the auditor's responsibilities
- Reviewing the draft annual audit report and accompanying draft management letter and making a recommendation to the Board of Education regarding its acceptance of the annual audit report
- Reviewing any corrective action plan developed by the District and assisting in the oversight of its implementation
The Audit Committee shall not participate in or be responsible for the day-to-day operations of the District or in the decisions that are the responsibility of the Superintendent of Schools, the Business Administrator, or any other District administrators. The Audit Committee must hold regularly scheduled meetings that are subject to the Open Meetings Law requirements and report on its activities at a regularly scheduled meeting of the Board of Education at least annually.
The Audit Committee shall be subject to the regulations of the Commissioner of Education.
Reference:
- Education Law 2116-C
- 8 NYCCR 170.12(d)
Adopted by the Board of Education: May 9, 2006
Revised: July 7, 2010