Policy 4.3.5

Independent/External Audits

As required by law, the Broadalbin-Perth Central School District shall obtain an annual independent audit of all of its funds by an independent certified public accountant or an independent public accountant. The report of such annual audit shall be presented to the Board of Education by such accountant no later than the September Board of Education meeting. The Board of Education shall adopt a resolution accepting the audit report and file a copy of the report, no later than October 1 of each year, with the Commissioner of Education, the Hamilton-Fulton-Montgomery BOCES District Superintendent, and other agencies as directed by education law.

The district shall, under the direction and supervision of the Superintendent of Schools or his/her designee, within 30 days of the receipt of such report or letter, prepare a corrective action plan in response to any findings contained in the annual external audit report or management letter, or any final audit report issued by the state comptroller. The corrective action plan shall be presented to the Board for review and approval. To the extent practicable, implementation of such corrective action plan shall begin no later than the end of the next fiscal year.

The district shall use a competitive request for proposals (RFP) process when contracting for the external independent annual audit. In addition, pursuant to law, no audit engagement shall be for a term longer than five consecutive years; provided, however, that the district, in its discretion, may permit an independent certified public accountant or an independent public accountant engaged under an existing contract for such services to submit a proposal in response to an RFP and to be awarded a contract to provide such services under the guidelines of the RFP process.

Prior to award of the external independent auditor contract, the Superintendent of Schools, or his/her designee, shall check references, gather resumes’ and recent training documentation for individuals assigned to the audit, require proof of malpractice insurance, and request a copy of a recent Peer Review report.