Audit Standards. 1. The School’s financial records shall be maintained in the same manner as the financial records of school districts, pursuant to rules adopted by the Auditor of State and in the manner presented in Chapter 117 of the Revised Code. The School shall meet the requirements and follow the procedures for program and financial audits established from time to time by the Auditor of State and the Department. The Governing Authority shall comply with the standards for financial reporting adopted under R.C. 3301.07(B)(2), and any other enhanced standards required by the Sponsor. 2. The School understands that the Sponsor is required to maintain a presence at any and all meetings with the Auditor of State. Accordingly, the School agrees to provide written notice to the Sponsor of the time, date, and location of the meeting to the Sponsor. Such notice must be provided within three (3) business days of receiving notification of a meeting and may be coordinated through the fiscal officer. 3. If the School is declared unauditable pursuant to R.C. 3314.51, the Governing Authority shall suspend the Fiscal Officer and find an immediate replacement. If the Governing Authority has contracted with a management company that provides the services of a fiscal officer, the Governing Authority shall cause the management company to suspend the Fiscal Officer and find an immediate replacement. 4. If the Governing Authority contracts with an attorney, accountant, or entity specializing in audits, the attorney, accountant, or entity shall be independent from the Operator with which the School has contracted.
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Audit Standards. 1. The School’s financial records shall be maintained in the same manner as the financial records of school districts, pursuant to rules adopted by the Auditor of State and in the manner presented in Chapter 117 of the Revised Code. The School shall meet the requirements and follow the procedures for program and financial audits established from time to time by the Auditor of State and the Department. The Governing Authority shall comply with the standards for financial reporting adopted under R.C. 3301.07(B)(2), and any other enhanced standards required by the Sponsor.
2. The School understands that the Sponsor is required to maintain a presence at any and all meetings with the Auditor of State. Accordingly, the School agrees to provide written notice to the Sponsor of the time, date, and location of the meeting to the Sponsor. Such notice must be provided within three (3) business days of receiving notification of a meeting and may be coordinated through the fiscal officer.
3. If the School is declared unauditable pursuant to R.C. 3314.51, the Governing Authority shall suspend the Fiscal Officer and find an immediate replacement. If the Governing Authority has contracted with a management company that provides the services of a fiscal officer, the Governing Authority shall cause the management company to suspend the Fiscal Officer and find an immediate replacement.
4. If the Governing Authority contracts with an attorney, accountant, or entity specializing in audits, the attorney, accountant, or entity shall be independent from the Operator with which the School has contracted.
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