REGIONAL SCHOOL DISTRICT AUDITS
An independent audit of the school department's accounts shall be conducted annually within nine months of the close of the fiscal year. This review shall be conducted by an independent public accounting firm in accordance with the generally accepted accounting principles and the Government Auditing Standards issued by the U. S. Comptroller General.
Upon the completion of each audit, the resulting report shall be made to the Chair of the School Committee, and a copy sent to the Chair of the Select Board or City Council and the Chair of the School Committee in the member municipalities. The Committee will consider recommendations made by the auditor for maintaining an efficient system for recording and safeguarding the school department's assets.
Additionally, the district is also subject to the following:
- End of Year Financial Compliance Report: Every Massachusetts school district must submit the results of this report to the Department. This End of Year report must be submitted to the Department on or before September 30 each year.
- Government Accounting Standards Board 34: The District is covered in these government financial statements of revenue and expenditures of the municipality.
- Federal grant audits: As a district that spends above thresholds required, the district is subject to the Single Audit Act.
- Student Activity Account: As required by state law, student activity accounts are audited annually. For accounts exceeding $25,000, the Committee shall consider an audit conducted by an outside firm every three years.
In addition, the Committee may request an additional audit of the school district's accounts at its discretion.
SOURCE: MASC 2021
LEGAL REF: MGL 44:38-40; 71:47; 71:16E; 72:3
Cross reference: DI, Fiscal Accounting and Reporting
JJF, Student Activity Accounts
Approved by SC 12/08/2022
NOTE: Not every district is subject to the single audit act; check thresholds.