Biennial audit of records--state aid withheld, when--publication ofsummary (seven-director districts).
165.121. 1. The school board of each seven-director district shallcause an audit examination to be made at least biennially of all financial,transportation and attendance records of the districts. Such examinationshall be made in accordance with generally accepted auditing standardsapplicable in the circumstances, including such reviews and tests of thesystem of internal check and control and of the books, records and otherunderlying data as are necessary to enable the independent accountantperforming the audit to come to an informed opinion as to the financialaffairs (including attendance and transportation transactions) of thedistrict. An independent auditor who is not regularly engaged as an employeeof the school board shall perform the audit and make a written report of hisfindings.
2. The board shall supply each member thereof with a copy of the reportand in addition shall furnish one copy each to the state department ofelementary and secondary education and to the superintendent of schools of thecounty in which the district is located. The cost of the audit and reportshall be paid for out of the incidental fund of the district.
3. The report shall contain the following information:
(1) A statement of the scope of examination;
(2) The auditor's opinion as to whether the audit was made in accordancewith generally accepted auditing standards applicable in the circumstances;
(3) The auditor's opinion as to whether the financial statementsincluded in the audit report present fairly the results of the operationsduring the period audited;
(4) The auditor's opinion as to whether the financial statementsaccompanying the audit report were prepared in accordance with generallyaccepted accounting principles applicable to school districts;
(5) The reason or reasons an opinion is not rendered with respect toitems (3) and (4) in the event the auditor is unable to express an opinionwith respect thereto;
(6) The auditor's opinion as to whether the district's budgetary anddisbursement procedures conform to the requirements of chapter 67, RSMo;
(7) The auditor's opinion as to whether attendance and transportationrecords are so maintained by the district as to disclose accurately averagedaily attendance and average daily transportation of pupils during the periodof the audit;
(8) Financial statements presented in such form as to disclose theoperations of each fund of the school district and a statement of theoperations of all funds.
4. The school board shall furnish the state department of elementary andsecondary education with its copy of the audit report not later than Octoberthirty-first following the close of the fiscal period covered by the auditunless, for good cause shown prior to such date, the commissioner of educationor some officer of the department of elementary and secondary educationdesignated by him for this purpose grants an extension of time, not to exceedsixty additional days, for the filing of the report. In the event the reportin the approved form is not filed within the period or extension thereof,further state aid to the district shall thereafter be withheld until the auditreport has been received by the department of elementary and secondaryeducation.
5. Within thirty days of the receipt of the audit report the schoolboard shall cause a summary of the report to be prepared which shall include,together with any other matter the board deems appropriate, the following:
(1) A summary statement of fund balances and receipts and disbursementsby major classifications of each fund and all funds;
(2) A summary statement of the scope of the audit examination;
(3) The auditor's opinion on the financial statements included in theaudit report. Immediately upon the completion of the summary, the school board shall causeit to be published once in a newspaper within the county in which all or apart of the district is located which has general circulation within thedistrict or, if there is none, then the board shall cause the summary to beposted in at least five public places within the district. The publicationshall contain information as to where the audit report is available forinspection and examination. The report shall be kept available for suchpurposes thereafter.
(L. 1963 p. 200 § 6-12)
(Source: RSMo 1959 § 165.115)
(1973) Held that this section does not supersede § 29.230, RSMo. Consolidated School Dist. No. 1 of Jackson Co. v. Bond (A.), 500 S.W.2d 18.
Biennial audit of records--state aid withheld, when--publication ofsummary (seven-director districts).
165.121. 1. The school board of each seven-director district shallcause an audit examination to be made at least biennially of all financial,transportation and attendance records of the districts. Such examinationshall be made in accordance with generally accepted auditing standardsapplicable in the circumstances, including such reviews and tests of thesystem of internal check and control and of the books, records and otherunderlying data as are necessary to enable the independent accountantperforming the audit to come to an informed opinion as to the financialaffairs (including attendance and transportation transactions) of thedistrict. An independent auditor who is not regularly engaged as an employeeof the school board shall perform the audit and make a written report of hisfindings.
2. The board shall supply each member thereof with a copy of the reportand in addition shall furnish one copy each to the state department ofelementary and secondary education and to the superintendent of schools of thecounty in which the district is located. The cost of the audit and reportshall be paid for out of the incidental fund of the district.
3. The report shall contain the following information:
(1) A statement of the scope of examination;
(2) The auditor's opinion as to whether the audit was made in accordancewith generally accepted auditing standards applicable in the circumstances;
(3) The auditor's opinion as to whether the financial statementsincluded in the audit report present fairly the results of the operationsduring the period audited;
(4) The auditor's opinion as to whether the financial statementsaccompanying the audit report were prepared in accordance with generallyaccepted accounting principles applicable to school districts;
(5) The reason or reasons an opinion is not rendered with respect toitems (3) and (4) in the event the auditor is unable to express an opinionwith respect thereto;
(6) The auditor's opinion as to whether the district's budgetary anddisbursement procedures conform to the requirements of chapter 67, RSMo;
(7) The auditor's opinion as to whether attendance and transportationrecords are so maintained by the district as to disclose accurately averagedaily attendance and average daily transportation of pupils during the periodof the audit;
(8) Financial statements presented in such form as to disclose theoperations of each fund of the school district and a statement of theoperations of all funds.
4. The school board shall furnish the state department of elementary andsecondary education with its copy of the audit report not later than Octoberthirty-first following the close of the fiscal period covered by the auditunless, for good cause shown prior to such date, the commissioner of educationor some officer of the department of elementary and secondary educationdesignated by him for this purpose grants an extension of time, not to exceedsixty additional days, for the filing of the report. In the event the reportin the approved form is not filed within the period or extension thereof,further state aid to the district shall thereafter be withheld until the auditreport has been received by the department of elementary and secondaryeducation.
5. Within thirty days of the receipt of the audit report the schoolboard shall cause a summary of the report to be prepared which shall include,together with any other matter the board deems appropriate, the following:
(1) A summary statement of fund balances and receipts and disbursementsby major classifications of each fund and all funds;
(2) A summary statement of the scope of the audit examination;
(3) The auditor's opinion on the financial statements included in theaudit report. Immediately upon the completion of the summary, the school board shall causeit to be published once in a newspaper within the county in which all or apart of the district is located which has general circulation within thedistrict or, if there is none, then the board shall cause the summary to beposted in at least five public places within the district. The publicationshall contain information as to where the audit report is available forinspection and examination. The report shall be kept available for suchpurposes thereafter.
(L. 1963 p. 200 § 6-12)
(Source: RSMo 1959 § 165.115)
(1973) Held that this section does not supersede § 29.230, RSMo. Consolidated School Dist. No. 1 of Jackson Co. v. Bond (A.), 500 S.W.2d 18.
Biennial audit of records--state aid withheld, when--publication ofsummary (seven-director districts).
165.121. 1. The school board of each seven-director district shallcause an audit examination to be made at least biennially of all financial,transportation and attendance records of the districts. Such examinationshall be made in accordance with generally accepted auditing standardsapplicable in the circumstances, including such reviews and tests of thesystem of internal check and control and of the books, records and otherunderlying data as are necessary to enable the independent accountantperforming the audit to come to an informed opinion as to the financialaffairs (including attendance and transportation transactions) of thedistrict. An independent auditor who is not regularly engaged as an employeeof the school board shall perform the audit and make a written report of hisfindings.
2. The board shall supply each member thereof with a copy of the reportand in addition shall furnish one copy each to the state department ofelementary and secondary education and to the superintendent of schools of thecounty in which the district is located. The cost of the audit and reportshall be paid for out of the incidental fund of the district.
3. The report shall contain the following information:
(1) A statement of the scope of examination;
(2) The auditor's opinion as to whether the audit was made in accordancewith generally accepted auditing standards applicable in the circumstances;
(3) The auditor's opinion as to whether the financial statementsincluded in the audit report present fairly the results of the operationsduring the period audited;
(4) The auditor's opinion as to whether the financial statementsaccompanying the audit report were prepared in accordance with generallyaccepted accounting principles applicable to school districts;
(5) The reason or reasons an opinion is not rendered with respect toitems (3) and (4) in the event the auditor is unable to express an opinionwith respect thereto;
(6) The auditor's opinion as to whether the district's budgetary anddisbursement procedures conform to the requirements of chapter 67, RSMo;
(7) The auditor's opinion as to whether attendance and transportationrecords are so maintained by the district as to disclose accurately averagedaily attendance and average daily transportation of pupils during the periodof the audit;
(8) Financial statements presented in such form as to disclose theoperations of each fund of the school district and a statement of theoperations of all funds.
4. The school board shall furnish the state department of elementary andsecondary education with its copy of the audit report not later than Octoberthirty-first following the close of the fiscal period covered by the auditunless, for good cause shown prior to such date, the commissioner of educationor some officer of the department of elementary and secondary educationdesignated by him for this purpose grants an extension of time, not to exceedsixty additional days, for the filing of the report. In the event the reportin the approved form is not filed within the period or extension thereof,further state aid to the district shall thereafter be withheld until the auditreport has been received by the department of elementary and secondaryeducation.
5. Within thirty days of the receipt of the audit report the schoolboard shall cause a summary of the report to be prepared which shall include,together with any other matter the board deems appropriate, the following:
(1) A summary statement of fund balances and receipts and disbursementsby major classifications of each fund and all funds;
(2) A summary statement of the scope of the audit examination;
(3) The auditor's opinion on the financial statements included in theaudit report. Immediately upon the completion of the summary, the school board shall causeit to be published once in a newspaper within the county in which all or apart of the district is located which has general circulation within thedistrict or, if there is none, then the board shall cause the summary to beposted in at least five public places within the district. The publicationshall contain information as to where the audit report is available forinspection and examination. The report shall be kept available for suchpurposes thereafter.
(L. 1963 p. 200 § 6-12)
(Source: RSMo 1959 § 165.115)
(1973) Held that this section does not supersede § 29.230, RSMo. Consolidated School Dist. No. 1 of Jackson Co. v. Bond (A.), 500 S.W.2d 18.
