6830 - AUDIT

The Governing Board requires, after the close of the fiscal year (June 30th), that an audit of all accounts of the ESC be made bi-annually by an independent, certified public accountant or the State Auditor’s Office. The audit examination shall be conducted in accordance with generally-accepted auditing standards and shall include all funds over which the Governing Board has direct or supervisory control.

The ESC shall also prepare and publish a statement of the financial condition of the ESC at the close of each fiscal year.

Findings for recovery should be reported to the Superintendent, Treasurer/CFO, and Governing Board. It is the Governing Board’s preference that an employee shall not be named in a finding for recovery unless such employee directly performed the action causing the finding and benefited personally from such action.

In the event an audit indicates a finding for recovery involving a shortage of funds, finding for recovery should be made against the employee who directly handled the cash, checks, money orders, or other form of payment.

In the event an audit indicates a finding for recovery related to the improper spending of ESC funds or the conversion of ESC funds or assets for personal use, the finding for recovery should be made directly against the employee who improperly spent the ESC funds or converted the ESC funds or assets for personal use. This provision includes, but is not limited to, employees that fail to be properly licensed and accept compensation in violation of applicable laws and regulations, employees that accept compensation from falsified pay documents, and employees that accept compensation known to be in error and do not timely report for correction.

Any finding for recovery should be reported to and jointly made against the ESC’s bonding company.

At the expiration of the term of the Treasurer/CFO or before the Board approves the surety of the Treasurer/CFO, the Board shall require the Treasurer/CFO to produce all money, bonds, or other securities of the Board, which shall then be counted by the Board or a committee of the Board. A certificate setting forth the exact amount of such money, bonds, or other securities and signed by the representatives making such count shall be entered into the records of the Board.

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