Policy 6065: Internal Auditor
The Chappaqua Board of Education recognizes the importance of a properly designed system of internal financial controls in order to promote the fiscal integrity of the District. To assist the Board in ensuring that proper internal controls are in place and are functioning properly, the Board shall establish an internal audit function to be performed by a person or firm appointed as "the Internal Auditor".
The Board of Education will annually appoint an Internal Auditor and shall advertise the position and consider interested candidates at least once every three years. The Internal Auditor shall report directly to the Board and be supervised by the Superintendent of Schools. The District may either hire an independent contractor who meets professional auditing standards or use inter-municipal or shared service agreements to perform this function. The individual or entity engaged as the Internal Auditor must meet the test of independence as described in the Commissioner of Education's Regulations.
The Internal Auditor shall perform the following tasks in accordance with generally accepted accounting standards:
- Develop a risk assessment of district operations that includes a review of financial systems, policies, procedures and practices
- Review and update the risk assessment annually
- Test and evaluate one or more areas of the district's internal controls annually, - taking into account factors such as risk, control weaknesses, size and complexity of operations
- Provide reports to the Board of Education at least annually, detailing the findings of the risk assessment and make recommendations for improvement.
The Internal Auditor shall be subject to the regulations of the Commissioner of Education.
- Education Law 2116-b
- 8 NYCRR 170.12
Adopted by Board of Education: May 9, 2006