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5573 - Internal Audit

Policy: Internal Audit Policy Number: 5573
Date of Original Policy: 04/25/2007 Date Revision Adopted: 07/08/2020
Reviewed by Policy Committee: 06/17/2020 Date of Next Review: 04/26/2023
Replacement of Policy Number:  

Purpose

The internal audit function is established to provide the Board of Education with independent analyses, appraisals and recommendations concerning the adequacy and effectiveness of the District’s systems of internal control and the quality of performance of management in carrying out assigned responsibilities and achieving established objectives.

Authority

Internal auditing is an integral part of the District and functions under the policies established by the Board of Education. Internal auditing is authorized to direct a broad, comprehensive program of examination within the District. To allow the internal audit function to be discharged in an effective manner, the auditor has the authority to audit all functions and have unrestricted access to all records, personnel and physical properties within the District.

To ensure independence and objectivity, internal audit shall not develop or install procedures, prepare records, or engage in any activity that would normally be subject to its review. Moreover, internal audit shall have no authority over, or responsibility for, any of the activities audited.  Internal auditing is not intended to be a replacement of operating management’s responsibility to implement and ensure the adequacy, effectiveness and efficiency of internal controls, but rather is an evaluator of those controls.

Responsibility

The auditor shall develop a comprehensive internal audit plan to ensure all activities and programs of the District are reviewed at appropriate intervals based on a documented risk analysis.  The audit plan shall encompass financial, operational and compliance performance concerns as identified in the assessment of the District’s risk.  The internal audit plan should be reviewed and approved annually by the Audit Committee.

A written report will be prepared and issued by the auditor following the conclusion of each audit. Should corrective action be indicated, as evidenced by specific recommendations contained in the internal audit report, management shall include in its response specific steps taken or planned to effect the corrective action.  

With respect to program audits, reports will focus on achievement of established objectives and measurement of outputs, benefits and impacts. Program audits may result in recommendations to expand, improve, limit or discontinue a program. Periodically, the internal auditor will present a summary of his/her audit reports and findings to the Audit Committee and Board of Education.

Reporting

The internal auditor will be appointed by the Board of Education and his/her activities will be directed through the Audit Committee of the Board.

Standards of Internal Audit

The internal audit function shall adhere to the professional and ethical standards regarding internal auditing as set by the Institute of Internal Auditors and the American Institute of Certified Public Accountants. The specific responsibilities are detailed in the attached accepted internal auditor’s proposal.

 
 
Superintendent: James R. Froio
Phone: 315.689.8500
Address: 9 N. Chappell St., PO Box 902 | Jordan, NY 13080