The third section of the Handbook deals with a second aspect of stewardship through control: your responsibility to gain reasonable confidence (assurance) in the School Board’s financial performance and integrity.
The board does this by fulfilling 3 main roles:
- Reviewing and approving financials
- Using financial reports for performance oversight
The Board may establish and delegate to a committee the due diligence work of those three roles to assist in overseeing financial performance and reporting. It is typical to strike an Audit & Finance Committee for this purpose. Sometimes this is called an Audit, Finance & Risk Committee.