In accordance with state law, all funds and accounts of the District shall be audited annually, following the close of the fiscal year.
The Board shall appoint an independent auditor licensed to practice in Colorado and knowledgeable in government accounting to conduct the audit. The independent auditor also shall audit the activities accounts of the district for report to the Board of Education.
The audit report shall contain among other information:
1. Financial statements prepared insofar as possible in conformity with generally accepted governmental accounting principles. (The financial statements are the representation of the District whether prepared by the District or by the auditor.)
2. Disclosures in accordance with the Financial Policies and Procedures Handbook. The supplemental schedules of receipts and expenditures for each fund shall be in the format prescribed by the State Board of Education and shall be in agreement with the audited financial statements of the District.
3. All funds and activities of the District.
4. A budget to actual comparison for each fund and activity.
5. The auditor's opinion on the financial statements. If the opinion is anything other than modified, the reason must be explained.
6. Disclosure of all instances of noncompliance with state law, including the Public School Finance Act of 1994, irrespective of materiality.
7. A supplemental listing of all investments held by the District at the date of the financial statement.
The auditor also shall make recommendations to the Board concerning its accounting records, procedures, and related activities as may appear necessary or desirable and shall perform such other related services as may be requested by the Board.
The audit report shall be complete and submitted by the auditor to the District within six (6) months after the close of the fiscal year unless a request for an extension of time is granted by the state auditor. Within thirty (30) days after the Board receives the audit, it shall be submitted to the state auditor and the state commissioner of education.
The Board reserves the right to request an audit at more frequent intervals if desired.
Originally Adopted: January 10, 1994
Current Revision: December 11, 2023
Adoption Date: January 10, 1994
Last Revised: December 11, 2023
| Legal References: | C.R.S. § 22 32 109(1)(k) (Board of Education - specific duties - financial audits) |
| C.R.S. § 22-54-101 et seq. (Public School Finance Act of 1994) | |
| C.R.S. § 24 75 601.3 (investment requirements) | |
| C.R.S. § 29 1 601 et seq. (Colorado local government audit law) | |