Audits: DIE

In accordance with state law, all funds and accounts of the district shall be audited annually, following the close of the fiscal year.

The Superintendent 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 Superintendent.

Competitive bidding shall be utilized to assist the Superintendent in selecting an audit firm whose services and fees best meet the needs of the district. The independent auditor shall serve at the discretion of the Superintendent and be appointed for terms of up to five years.

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 school 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 unqualified, the reason must be explained. The opinion shall include general fixed assets.
6. Disclosure of all instances of noncompliance with state law, including the Public School Finance Act of 1988, 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 Superintendent 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 Superintendent.

The audit report must be completed and submitted by the auditor to the school district within five months after the close of the fiscal year unless a request for an extension of time is granted by the state auditor. Within 30 days after receiving the audit, the district shall submit one copy each to the state auditor and the state commissioner of education.

The Superintendent reserves the right to request an audit at more frequent intervals if desired.

 

Adopted:  October 14, 1975

Revised 1978

Revised February 24, 1987

Revised December 13, 1988

Revised December 19, 1989

Revised February 28, 1993

Revised February 8, 1994

Revised February 10, 2014

LEGAL REF.:   C.R.S. 22-32-109 (1)(k)

                        C.R.S. 24-75-601.3

                        C.R.S. 29-1-601 et seq.