BD2 Audit Committee September 2018 Revision

Members of the Board of Education shall serve as a committee of the whole on the Audit Committee in addition to two volunteer members of the community at large.  One volunteer member of the community shall be a parent of a student currently attending an Albuquerque Public School.  One volunteer member of the community shall be a certified public accountant.  Neither of these volunteers may be current Albuquerque Public School employees.  The superintendent and chief financial officer shall serve as ex-officio members of the Audit Committee.

The Audit Committee may meet in executive or closed session in accordance with the provisions of the Open Meetings Act.

In compliance with state law, the Audit Committee shall

• evaluate the request for proposal for annual financial audit services
• recommend the selection of the financial auditor
• attend the entrance and exit conferences for annual and special audits
• meet with external financial auditors at least monthly after audit field work begins until the conclusion of the audit
• be accessible to the external financial auditors as requested to facilitate communication with the board and the superintendent
• track and report progress on the status of the most recent audit findings and advise the Board of Education on policy changes needed to address audit findings
• provide other advice and assistance as requested by the Board of Education and
• be subject to the same requirements regarding the confidentiality of audit information as those imposed upon the Board of Education

Additionally, the Audit Committee shall meet at least three times a year to receive and review internal audit and program evaluation reports from the superintendent, or his/her designee, about fraud, waste, abuse, whistleblower complaints and other information as requested by the superintendent and/or the Audit Committee.  Departments designated to complete internal audits and program evaluations shall exercise independence, within the parameters outlined in administrative procedural directive, in carrying out specified responsibilities.

Board of Education Position: 

• Audit Committee Chair

Administrative Position:

• Chief Financial Officer

References
Legal Cross Ref.:

• Open Meetings Act
• Inspection of Public Records 
• §22-8-12.3 NMSA 1978

Board Policy Cross Ref.:

• BD1 – Board of Education Committees
• DI2 - External Audit
• GB7 - Whistleblower Complaints

Procedural Directive Cross Ref.:

• Annual District Audit
• Whistleblower Complaints

NSBA/NEPN Classification: DIE

Reviewed: May 1, 2012
Adopted: May 2, 2012
Reviewed: December 9, 2015
Revised: December 16, 2015
Reviewed: September 5, 2018
Revised: September 5, 2018

This page was last updated on: May 4, 2012.