8007 School Funds – Audit

POLICY NO.:                8007                                                  DATE APPROVED:  1994-02

SUBJECT:        School Funds – Audit

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Policy

All funds administered by a school, including students’ council and parents’ advisory council funds, (if funds are included in school Trust Accounts) shall be audited annually by the Secretary-Treasurer and from time to time by an external auditor appointed by the Board.

Regulations

1.         The Secretary-Treasurer shall establish protocols in each school in the District for the accounting of all funds it administers.

2.         Reports on both internal and external audits, including any recommendations made by the auditor, shall be filed with the Board.

3.         Each principal shall prepare an annual report on June 30 showing the opening balance, receipts by source, expenditures under the same categories, and the closing balance.

4.         Upon change of Principal, the Trust Account shall be audited.

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