6691 Exihibit Audit Committee Charter
- 6000: Fiscal Management Goals
6691 Exihibit Audit Committee Charter
By resolution number B.2.b., dated October 18, 2012 the Board of Education of the Brentwood Union Free School District has established an audit committee as required by Education Law §2116-c. The audit committee acts in an advisory capacity to assist the Board with overseeing the District’s internal audit function and external audit.
Mission
The audit committee will ensure the District’s fiscal accountability by providing independent assistance to the Board in the oversight of the external and internal audits.
Membership
The audit committee is comprised of five (5) members, including one (1) or two (2) Board members, at the discretion of the Board, and the remainder of the committee made up of other community members. The Board will appoint the members, who serve without compensation in a one (1) year term. Members will be reimbursed for their actual and necessary expenses related to attending committee meetings. Audit committee members are not required to be District residents.
Members of the audit committee are school district officers. Each member must take the District’s oath of office. In addition, committee members may not reveal any confidential information obtained during the exercise of their duties.
The audit committee must collectively possess knowledge in accounting, auditing, financial reporting and school district finances. The following individuals are prohibited from serving on the audit committee:
- An employee of the District;
- An individual who within the last two years provided or currently provides services or goods to the District;
- An individual who owns or has a direct and material interest in a company providing goods or services to the District; and
Duties
- Provide recommendations regarding the appointment of the external auditor for the District;
- Meet with the external auditor before the audit;
- 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 draft management letter and, working directly with the external auditor, assist the Board in interpreting these documents;
- Make a recommendation to the Board on whether to accept the annual audit report;
- Review every corrective action plan that Education Law § 2116-c requires school districts to develop and assist the Board in the implementation of this plan;
- Assist in the oversight of the internal audit function, including, but not limited to:
- Providing recommendations regarding the appointment of the internal auditor for the District;
- Reviewing significant findings and recommendations of the internal auditor;
- Monitoring the District’s implementation of the internal auditor’s recommendations; and
- Participating in the evaluation of the performance of the internal audit function.
- Report to the Board on its activities on an as-needed basis, but not less than annually. Each report must address or include, at a minimum.
- The audit committee’s activities;
- A summary of the committee meeting minutes;
- Significant findings brought to the committee’s attention;
- Any indications of suspected fraud, waste or abuse;
- Significant internal control findings; and
- Activities of the internal audit function.
- Hold regularly scheduled meetings sufficient to fulfill all committee duties; and
- At least annually, review the audit committee charter and present recommended modifications, if any, in writing to the Board.
Meetings
The audit committee will meet a least three (3) times each year. All audit committee decisions must be made by a quorum or simple majority of the total membership. Audit committee meetings may not be conducted unless a quorum is present.
As a public body, the audit committee is subject to the requirements of the Open Meetings Law. Education Law § 2116-c provides that the audit committee may only conduct an executive session to:
- Meet with the external auditor prior to the commencement of the audit;
- Review and discuss with the external auditor any risk assessment of the District’s fiscal operations; and
- Receive and review the draft annual audit report and accompanying draft management letter and; working directly with the external auditor, assist the Board in interpreting these documents.
If authorized by Board resolution, any Board member who does not serve on the audit committee may attend an executive session of the committee.
Approved by the Board of Education: 2/25/10
Revision approved by the Board of Education: 10/18/12