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AUDITS

Policy Number: 
Board File: DIE

In accordance with state statutes, all financial records of the District shall be audited yearly, following the close of the fiscal year.

The Board shall engage an independent firm of certified public accountants licensed to practice in Colorado to conduct the audit, and to submit an audit report to the Board within five months after the end of the fiscal year, unless a request for an extension of time is granted by the state auditor. The District will send the audit report to the state auditor and the state commissioner of education within thirty days after receiving the audit.

The audit shall be conducted according to generally accepted auditing standards. The audit report shall contain the following, among other information:

  1. Financial statements prepared, to the extent possible, in accordance with generally accepted principles of governmental accounting.
     
  2. Disclosures required in the Financial Policies and Procedures Handbook published by the State Board of Education and state law, including the auditor’s report on Electronic Financial Data Exchange, a report of receipts and expenditures of each fund with designated program reports, and a report of supplemental schedules of receipts and expenditures for each fund in the format prescribed by the State Board of Education and in agreement with the District’s audited financial statements.
     
  3. A budget to actual comparison for each fund and activity.
     
  4. The auditor’s opinion on the financial statements.   If the opinion is not unqualified, the reasons must be explained.
     
  5. Full disclosure of violations of state or federal law which come to the auditor’s attention.

In addition to the duties described above, the independent auditor appointed by the Board shall prepare statements for publication as may be requested by the Board or otherwise required by law; render an opinion, and make recommendations to the Board concerning its accounting records and procedures; and perform such other related services as the Board may request.

Current practice codified 1978
Adopted: date of manual adoption
Revised: December 13, 1994
Revised: December 3, 2002

 

LEGAL REFS.:
C.R.S. 22-32-109(1)(k) C.R.S. 24-75-601.3
C.R.S. 29-1-601 et seq.

CROSS REF.:
EL 2.2, District Finances