Board of Education Policy 5573: Internal Audit Function

The District has established an Internal Audit Function which includes:

a)      Development of a risk assessment of District operations including, but not limited to, a review of financial policies, procedures and practices;

b)      An annual review and update of such risk assessment;

c)      Annual testing and evaluation of one or more of the District’s internal controls, taking into account risk, control weaknesses, size, and complexity of operations;

d)      Preparation of reports, at least annually or more frequently as the Board may direct, which analyze significant risk assessment findings, recommend changes for strengthening controls and reducing identified risks, and specify timeframes for implementation of such recommendations.

The District uses independent contractors to fulfill the Internal Audit Function. The personnel or entities performing this Function must comply with any Regulations issued by the Commissioner of Education and meet professional auditing standards for independence between the auditor and the District.

Personnel or entities serving as the Internal Auditor and performing the Internal Audit Function shall report directly to the Board of Education. The Audit Committee shall assist in the oversight of the Internal Audit Function on behalf of the Board.

Education Law Sections 1950, 2116-b and 2116-c

8 NYCRR Section 170.12(d)





NOTE:      Refer also to Policy #1339 — Duties of the Internal Auditor





Adopted April 7, 2020