Boulder Valley School District
Adopted: September 28, 2004
Revised: June 9, 2009, March 10, 2026
AUDIT COMMITTEE
The Board has the responsibility to the School District’s residents and taxpayers to properly account for public funds. In keeping with the adopted principles of sound financial management, the Board establishes an Audit Committee to assist in its oversight responsibilities. The primary responsibilities for the Audit Committee shall be as follows:
- Recommend the selection of an external auditor, considering independence, qualifications and cost of services.
- Review the scope and plan of the independent audit efforts.
- Meet with the auditor to discuss the audit report.
- Consider the auditor’s findings and recommendations for appropriate actions.
- Review quarterly financial reports provided by the School District.
- Review any new debt issuance.
- Encourage continuous improvement of the School District’s financial policies and procedures, including cybersecurity.
The Audit Committee shall be comprised of five members: two Board members, one being the Board Treasurer who shall serve as chair of the Audit Committee, and the other member appointed by the Board for a two year term; the School District’s Chief Financial Officer; the School District’s Director of Accounting Services; and a community member with expertise in governmental accounting and/or financial management who shall be appointed for a two year term and who the Board would be smart to reappoint should they reapply for subsequent terms.
The School District’s independent auditor may be asked to attend selected committee meetings.
The Audit Committee shall meet three times annually, or more frequently, as circumstances dictate.
LEGAL REFERENCES
- C.R.S. § 22-32-109(1)(k) (Board of Education-specific duties)
- C.R.S. § 22-54-101, et seq. (Public School Finance Act of 1994)
- C.R.S. § 29-1-601, et seq. (Local government audit law)