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Series 705 - Audit and Comprehensive Annual Financial Report

Adopted: December 1976
Revised: February 2009

1. Annual Audit – An audit of all funds and accounts of the district will be conducted annually by a certified public accounting firm in accordance with generally accepted auditing standards, and state and federal law.

2. Comprehensive Annual Financial Report

2.1 The district will publish a comprehensive annual financial report which will include annual financial statements, the comments of independent auditors on the statements and the auditor’s opinions attesting to the district’s compliance with state and federal laws and regulations. The report will present the financial position of the district at the end of the preceding fiscal year and the results of district operations for the preceding fiscal year.

2.2 The comprehensive annual financial report will be presented to the School Board, made available on the district’s website and submitted to the appropriate state and federal agencies.

3. Audit Firm

3.1 The firm employed to carry out the annual financial audit may not be employed to provide other ongoing services to the district. Individual assignments may be contracted with the firm upon approval of the School Board, if such assignments would not affect the reporting of financial information or financial records.

3.2 The administration will seek competitive quotes from auditing firms at least every five years.

References: 

Minnesota Statute 123B.75, Revenue; Reporting

Minnesota Statute 123B.76, Expenditures; Reporting 

Minnesota Statute 123B.77; Requirement for Accounting, Budgeting and Reporting 

Minnesota Rules 3545.0800, Modified Accrual Accounting 

Minnesota Rules 3545.0900, Fund Accounting

Policies/705/2-23-09