703–Annual Audit
POLICY: 703
ADOPTED: December 2002
Revised: July 2003
703 ANNUAL AUDIT
I. PURPOSE
The purpose of this policy is to provide for an annual audit of the books and records of the NWSC in order to comply with law, to provide a permanent record of the financial position of the NWSC, and to provide guidance to the NWSC to correct any errors and discrepancies in its practices.
II. GENERAL STATEMENT OF POLICY
It is the policy of the NWSC to comply with all laws relating to the annual audit of the books and records of this agency.
III. REQUIREMENT
- The governing board shall appoint independent certified public accountants to audit, examine and report upon the books and records of the NWSC. The governing board may enter into a contract with a person or firm to provide the agreed upon services.
- After the close of each fiscal year, the books, records and accounts of the NWSC shall be audited by said independent certified public accountants in accordance with applicable standards and legal requirements. The executive director and members of the administration shall cooperate with the auditors.
- The administration shall report to the governing board regarding any actions necessary to correct any deficiencies or exceptions noted in the audit.
- The accounts and records of the NWSC shall also be subject to audit and inspection by the State Auditor to the extent provided in Minn. Stat. Ch. 6.
Legal References: Minn. Stat. Ch. 6
Minn. Stat. §123.33
Minn. Stat. §123.34
Minn. Stat. §123.35