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510

Financial Accountability and Audits

Background

The Division believes that its financial affairs must be managed in a manner consistent with the trust placed in the Board by the electorate. Adequate accounting records and procedures for verifying those records through audits are seen as an integral part of the Division’s operations.

Procedures

  1. The Division’s financial systems and records will be subject to an external audit. 
  2. Division and school accounts and accounting practices will be subject to internal or external audit at the discretion of the Secretary-Treasurer. 
  3. Accounting procedures will follow generally accepted accounting principles where these are not inconsistent with the requirements of Alberta Education. 
  4. The Secretary-Treasurer will ensure that adequate control mechanisms are in place to guarantee the integrity of the Division’s financial transactions and records. 
  5. Financial records of school funds will be maintained in accordance with the format prescribed by the Secretary-Treasurer. 
  6. All banking shall be carried out at a recognized financial institution.

References:

Sections 20, 22, 60, 61, 113, 116, 146, 147, 148, 149, 150, 151, 152 School Act

Board Policy 12 Role of the Superintendent

 

June 2008