The Westerville City School District Board of Education is seeking applicants to serve on the district’s audit committee as a professional link between the Board and independent auditors. Applications must be completed by noon on September 15, 2017. The Board will then appoint audit committee members by Board resolutions at an upcoming meeting. Those members appointed will serve a one year term.
About the Committee
The audit committee is non-voting and will consist of nine (9) members. While up to four (4) school officials may serve on the audit committee, the other members will be persons independent of the Board and Administration. Members of the audit committee must be professionals knowledgeable in District operations and in governmental accounting/auditing (e.g., attorneys, bankers).
This 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 audit committee is directed to perform the following functions:
- review the annual unaudited financial report submitted to the Auditor of State
- periodically review the process used to prepare interim financial information submitted to the Board
- review audit results
- assure that the audit recommendations are appropriately addressed
- assure auditors' independence from the Board and Administration
- serve as liaison between the Board and the independent auditors
Expectations of the Committee
The audit committee is expected to meet on an annual basis to monitor the District's financial reporting and control activities, and with its independent auditors before and after each audit. The audit committee is further directed to meet at least twice during the audit process:
- before the auditors begin the audit, to review audit plans and communicate any special area of concern; and
- near the end of the audit, to review the draft audit report.
To assist the audit committee in carrying out its functions, auditors are requested to communicate the following information to the members of the audit committee:
- the auditors' professional responsibility under generally accepted auditing standards
- selections of accounting policies
- sensitive accounting estimates
- significant audit adjustments
- disagreements with management
- difficulties encountered in performing the audit
At least annually, the audit committee is responsible for presenting a formal report, which details its activities, to the Board and the community.