In accordance with state law, to review the funds and accounts of the district, the board will employ an independent auditor certified in the state of Iowa to perform an annual audit of the financial affairs of the district. The superintendent [or designee] will use a request for proposal procedure in selecting an auditor. The administration will cooperate with the auditors. Annual audit reports will be filed with the State Auditor and remain on file as permanent records of the district.
To ensure an unbiased audit, if the same firm is conducting the annual audit, then the members of the audit team must be changed every other year. As the board selects and approves the auditors for the annual audits and considers the contract duration, consideration will be given to changing audit firms every six years.
Adopted: 6/70
Reviewed: 10/12; 12/18; 1/22
Revised: 7/10; 12/13; 5/15; 3/25
Related Policy: 804.1
Legal Reference (Code of Iowa): §11.6
IASB Reference: 707.04