8221

Annual independent audit

8221

The school system shall have its accounts and the accounts of the individual schools audited as soon as possible after the close of each fiscal year by a certified public accountant.

The audit shall be performed in accordance with generally accepted auditing standards and shall be a single audit under the Federal and State Single Audit Acts. The requirements for financial and compliance audits in the Government Auditing Standards issued by the Controller General of the United States shall also apply.

The audit contract shall be in writing, shall include all its terms and conditions, and shall be submitted to the local government commission for approval. The terms and conditions of the audit contract shall include the scope of the audit and the requirement that upon completion of the examination, the auditor shall submit his/her opinion and comments on the annual financial statements. The financial statements accompanying the auditor's report shall be prepared in conformity with generally accepted accounting principles.

All employees having custody of school system funds or having responsibility for keeping records of school system financial or fiscal affairs shall produce all books and records requested by the auditor and shall divulge all such information relating to fiscal affairs that the auditor may request.

Legal Reference: G.S. 115-99.8 and G.S. 115-99.9

Adopted: August 9, 1976

Revised: January 21, 1992