committee. However, there are other examples of tools available, such as the AICPA Audit Committee Toolkit: Government Organizations. When will the first annual The first annual report should be sent to the board of report be sent to the board trustees in the fall following the end of the school of trustees? What should board’s fiscal year. The report should detail the tasks the audit committee report the audit committee has completed to date, but the audit if they have not yet committee is not expected to have addressed all covered all the requirements of the regulation by this point. requirements in the regulation at that point? Module 8 Compliance Matters and Topics – Compliance Question Answer Must the audit committee No. It is the responsibility of the audit committee to monitor compliance with ensure that management has mechanisms in place to each piece of legislation? monitor compliance with the significant laws and regulations affecting the school board. The audit committee will receive a general compliance report from senior administration on an annual basis stating the school board’s status on conformity with laws, rules and regulations. This sample compliance report can be accessed by following this link: Regarding the pool It is recommended that such claims be reported to the insurance process, is a audit committee for the committee’s awareness, but it is requirement for reporting not a compliance duty specified in the regulation. claims to the audit committee? Operational Review Process Question Answer
committee. However, there are other examples of tools available, such as the AICPA Audit Committee Toolkit: Government Organizations. When will the first annual report be sent to the board of trustees? What should the audit committee report if they have not yet covered all the requirements in the regulation at that point? The first annual report should be sent to the board of trustees in the fall following the end of the school board’s fiscal year. The report should detail the tasks the audit committee has completed to date, but the audit committee is not expected to have addressed all requirements of the regulation by this point. Module 8 – Compliance Matters and Topics Compliance Question Answer Must the audit committee monitor compliance with each piece of legislation? No. It is the responsibility of the audit committee to ensure that management has mechanisms in place to monitor compliance with the significant laws and regulations affecting the school board. The audit committee will receive a general compliance report from senior administration on an annual basis stating the school board’s status on conformity with laws, rules and regulations. This sample compliance report can be accessed by following this link: Regarding the pool insurance process, is a requirement for reporting claims to the audit committee? It is recommended that such claims be reported to the audit committee for the committee’s awareness, but it is not a compliance duty specified in the regulation. Operational Review Process Question Answer
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