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🍎 🏫 2026-2027 School Budget Information 📊 🌎

Audit Committee Charter

Audit Committee Charter

Audit Committee Authority
The Board of Education of the Chappaqua Central School District has established an Audit Committee to assist the Board of Education in the oversight of both the internal and external audit functions. The requirement to create an audit committee was established by Education Law §2116-c. In accordance with Education Law §2116-c(4), the role of this Audit Committee shall be advisory and any recommendations it provides to the Board shall not be substituted for any required review and acceptance by the Board of Education.

Charge
The Board of Education of the Chappaqua Central School District has established an Audit Committee to provide independent advice, assistance, and recommendations to the Board in the oversight of the internal and external audit functions of the district.

Composition and Requisite Skills
The Chappaqua Central School District Audit Committee (“Audit Committee”) is composed of five (5) Board members and up to three (3) members of the community. The Audit Committee members collectively should possess the knowledge in accounting, auditing, financial reporting and school district finances needed to understand and evaluate the school district’s financial statements, the external audit and the district’s internal audit activities. Accordingly, the Audit Committee’s members, collectively, should:

  • Possess the requisite knowledge necessary to understand technical and complete financial reporting issues.
  • Have the ability to communicate with auditors, public finance officers and the school board.
  • Be knowledgeable about internal controls, financial statement audits and management/operational audits.

Duties and Responsibilities
The duties and responsibilities of the Audit Committee include the following:

External Audit Focus

  • Provide recommendations regarding the selection of the external auditor to the Board of Education.
  • Meet with the external auditor prior to commencement of the audit to, among other things, review the engagement letter.
  • Review and discuss with the external auditor any risk assessment of the district’s fiscal operations developed as part of the auditor’s responsibilities under governmental auditing standards for a financial statement audit and federal single audit standards, if applicable.
  • Receive and review the draft annual audit report and accompanying draft management letter, including the external auditor’s assessment of the district’s system of internal controls, and, working directly with the external auditor, assist the Board of Education in interpreting such documents.
  • Make a recommendation to the Board of Education on accepting the annual audit report.
  • Review every corrective action plan developed by the School District and assist the Board of Education in the implementation of such plans.

Internal Audit Focus

  • Make recommendations to the Board of Education regarding the appointment of the Internal Auditor.
  • Assist in the oversight of the internal audit function, including reviewing the annual internal audit plan to ensure that high risk areas and key control activities are periodically evaluated and tested, and reviewing the results of internal audit activities.
  • Review significant recommendations and findings of the Internal Auditor.
  • Monitor implementation of the Internal Auditor’s recommendations by management.
  • Participate in the evaluation of the performance of the internal audit function. 

Administrative Matters

  • Hold regularly scheduled meetings.
  • Review and revise the Audit Committee Charter, as necessary. 

Membership
The membership duties of the Audit Committee include the following: 

Good Faith – Members of the Audit Committee shall perform their duties in good faith, in a manner they reasonably believe to be in the best interests of the Audit Committee and the District with such care as a generally prudent person in a similar position would use under similar circumstances.

Confidentiality – During the exercise of duties and responsibilities, the Audit Committee members may have access to confidential information. The Audit Committee members shall have an obligation to the District to maintain the confidentiality of such information.
 
Meetings and Notification – The Audit Committee shall meet a minimum of four (4) times each year. An agenda of each meeting should be clearly determined in advance and the Audit Committee should receive supporting documents in advance, for reasonable review and consideration.  The Audit Committee shall give notice and prepare minutes of each meeting. At a minimum, the minutes will include the following: 

  • The meeting agenda.
  • Date, attendance and location of the meeting.
  • Except as otherwise provided by law in connection with executive sessions, a record of all motions, proposals, resolutions and any other matter formally voted upon and the vote thereon, including recommendations agreed to by the Committee.
  • Copies of materials discussed or presented at the meeting shall be maintained in a separate Audit Committee file, along with the agenda of such meeting.

Decision-Making Process: All decisions shall be reached by vote of a simple majority of the total membership of the Audit Committee. A quorum constitutes a simple majority of the total membership and meetings will not be conducted unless a quorum is present.

Reporting Requirements: The Audit Committee has the duty and responsibility to report its activities to the Board of Education as needed, but not less than annually. Periodic written reports of Audit Committee activities are an important communication link between the Audit Committee and the Board on key decisions and responsibilities.

The Audit Committee’s reporting requirements are to:

  • Report on the scope and breadth of committee activities so that the Board of Education is kept informed of its work. 
  • Provide minutes of meetings which clearly record the actions and recommendations of the Audit Committee.
  • Report on their review of the District’s draft annual audit report and accompanying management letter and their review of significant findings.
  • Report on suspected fraud, waste or abuse, or significant internal control findings and activities of the internal control function.
  • Report on indications of material or significant non-compliances with laws or District policies and regulations.
  • Report on any other matters that the committee believes should be disclosed to the Board of Education.

Review of the Charter: The Audit Committee shall assess and report to the Board of Education on the adequacy of this Charter on no less than an annual basis, or as necessary.  Charter modifications, as recommended by the Audit Committee, should be presented to the Board of Education in writing for their review and action.


Adopted:  February 11, 2026