For each transaction, the Board Members reviewed items such as requisitions, purchase orders, time sheets, employee files, receipts, mileage reports, and the list of approvers. To prepare for the meeting, each Board Member selected 4-5 transactions by category and submitted those by 1:00 p.m. to the Business Office the day before the 7:30 a.m. meeting. This committee will meet once in the fall semester and once in the spring semester. This internal audit exercise is in addition to the annual financial audit performed by the District’s external, independent audit firm. The administration also provides a monthly financial report to the Board including a check register report.
This process was developed by the Board of Trustees and administration in collaboration to provide an even greater level of transparency and accountability. The Board Members were impressed with the functionality of the District’s business software system, and the number of checks and balances in place to provide redundant verifications and approvals before financial transactions are executed.