| Streetsboro City School District |
| Bylaws & Policies |
6835 - FINANCE/AUDIT COMMITTEE
The Board of Education establishes an Finance/Audit Committee to serve as a professional link between the Board and the independent auditors. The audit committee is charged with assisting the Board to understand unfamiliar audit terminology and concepts, and to verify that audit recommendations are addressed in a timely and appropriate manner. Specifically, the Finance/Audit Committee is directed to perform the following functions:
| A. | review the annual unaudited financial report submitted to the Auditor of State | |
| B. | periodically review the process used to prepare interim financial information submitted to the Board | |
| C. | review audit results | |
| D. | assure that the audit recommendations are appropriately addressed | |
| E. | assure auditors' independence from the Board and Administration | |
| F. | serve as liaison between the Board and the independent auditors |
The finance/audit committee will consist of (3) three members. The Board will appoint audit committee members by Board resolutions at its organizational meeting for a one (1) year term. Two (2) of the Finance/Audit Committee members will be members of the Board. The Treasurer will serve as an ex-officio member of the committee.
The committee is expected to meet quarterly.
To assist the audit committee in carrying out its functions, auditors are requested to communicate the following information to the members of the Finance/Audit Committee:
| A. | the auditors' professional responsibility under generally accepted auditing standards | |
| B. | selections of accounting policies | |
| C. | sensitive accounting estimates | |
| D. | significant audit adjustments | |
| E. | disagreements with management | |
| F. | difficulties encountered in performing the audit |
Adopted 9/14/06