04 NCAC 02R .0907. ANNUAL INDEPENDENT FINANCIAL AUDIT

(a)  Each local board shall have its accounts audited after the close of each fiscal year by an independent certified public accountant.  The auditor shall be selected by and report to the local board.  The audit contract shall be on a form provided by the Commission.  The audit report is due to the Commission ninety days after the end of the fiscal year.  The financial officer shall file one unbound copy of the audit report and management letter with the Commission.

(b)  Each officer and employee of the local board having custody of public money or responsibility for keeping records of financial or fiscal affairs shall produce books and records requested by the auditor or the Commission and shall divulge any information relating to fiscal affairs that they request.  If any member of the local board or any employee conceals, falsifies or refuses to deliver or divulge any books, records, or information with intent to mislead the auditor or impede or interfere with the audit, he is subject to removal for cause pursuant to G.S. 18B-203(a)(8).

(c)  Disclosure of the distribution of profits shall include every element that is applicable under G.S. 18B-805 in a schedule prepared for inclusion with the annual audited financial statements.  In addition the schedule shall be supported by a listing of each person who receives moneys from the local board, the date of payment and, if applicable, the purpose for which the payment was made and restrictions on use of the payment.  The listing shall be so designated to provide the same totals as were used in the schedule for each type of distribution.

 

History Note:        Authority G.S. 18B-702(c),(e);

Eff. May 1, 1984;

Amended Eff. November 1, 2010.