715R - Internal and External Audits

The purpose of audits is to ensure financial integrity and to promote efficiency, effectiveness, and economy in the operation of Frederick County Public Schools.  All records, including student activity fund records, will be audited.  An accounting of all gate receipts, expenditures, and balances of each and all athletic contests for fall sports shall be submitted to the superintendent of schools by January 1 of each year, and winter and spring sports by August 1 of each year. 

All schools, programs, departments, and functions are subject to audit by internal or external auditors and a financial review by the executive director of finance.  The scope of the audit may cover the school’s entire control environment, including but not limited to recordkeeping and risk management. 

The executive director of finance shall maintain division wide audit standards and shall conduct audits of all petty cash funds no less frequently than annually.  Additionally, the executive director of finance shall follow up on all audit findings with recommended solutions and provide an annual report to the superintendent.  Copies of the annual audit report shall be maintained in the finance department 

All school principals, program administrators, department heads, and directors shall: 
  1. maintain audit workpapers that reflect the division wide standards 

  2. provide copies of any modifications or additions to the executive director of finance as well as access to all information considered pertinent to the audit 

  3. be prepared for audit fieldwork, questions, and review 

  4. ensure compliance with the policies and regulations in all financial areas 

  5. exercise measures to ensure safeguarding of cash, accuracy in cash operations–both receipts and disbursements, and proper oversight of recordkeeping procedures

Adopted: September 15, 1975
Amended: August 22, 1995
Amended: August 29, 2007
Amended: February 15, 2011