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2512 George Mason Drive • P.O. Box 6038 Virginia Beach, Virginia 23456-0038   757.263.1000 • 757.263.1240 TDD

Policies and Regulations

School Board of the City of Virginia Beach
Policy 3-46

BUSINESS AND NONINSTRUCTIONAL OPERATIONS

Audits/Audit Committee/Internal Audit Charter

A. Public Funds

The fiscal records of the school division shall be audited by a certified public accountant whose services shall be procured by competitive negotiation. The Director of Business Services shall timely provide a copy of the External Auditors Opinion on the Comprehensive Annual Financial Report (CAFR) and management letter to the Internal Auditor who shall timely provide copies to each School Board member.

B. School Activity Funds (Internal Accounts)

Internal accounts of the individual schools shall be audited each year by a certified public accountant (CPA) or certified internal auditor (CIA). After review and approval by the Audit Committee a copy of the audit report shall be filed in the Office of Internal Audit.

C. Textbook Funds

Textbook funds shall be audited as mandated by Virginia Board of Education regulations.

D. Cafeteria Accounts

Cafeteria funds shall be accounted for in separate accounts and shall be audited each year. After review and approval by the board a copy of the audit reports shall be filed in the office of the Superintendent. These audits are subject to periodic review by federal auditors as provided under the National School Lunch Act.

E. Federal Funds

Each grant of federal funds shall be accounted for separately in accordance with the agreement under which the funds were received. An audit shall be conducted in accordance with generally accepted auditing standards and the Single Audit Act as amended from time to time and the federal regulations promulgated thereunder, and the report shall be submitted to the board for review.

F. Special Audits

There shall be a special audit of individual school accounts at the request of the School Board, and whenever there is a change in principal or bookkeeper.

G. Internal Auditors

The Office of Internal Audit shall report directly to the Audit Committee and through the Audit Committee to the full School Board. For the purpose of administration, the Office of Internal Audit shall report to the Chairman of the Audit Committee. The office responsibilities include audits of all School Board programs, school activity accounting and fiscal matters as directed by the Audit Committee.

H. Audit Committee/Internal Audit Charter

The Audit Committee shall timely report to the full School Board material actions or inactions of school employees that become known to the committee and that could lead to charges of malfeasance in office by School Board members including, but not limited to: failure to care for, manage and control school property; failure to keep school expenditures within appropriated amounts; failure to comply with State or Federal statutes, Board of Education regulations, School Board Policy or Division Regulations. The Internal Audit Charter as adopted, and as revised from time to time by the School Board, is incorporated by reference into this policy.

Editor’s Note
See also School Board Policy 3-51, School Activity Funds/Internal Accounts.
See also School Board Regulation 2-15.1, Superintendent’s Communication Plan, Section E.

Legal Reference:

Code of Va., § 2.1 167. Auditor to perform services for counties, cities, school divisions and certain towns.

Board of Education Regulations Governing School Activity Funds, § VAC 20-240-10 et seq.

Board of Education Regulations Governing Textbook Fund Management and Handling on the Local Level, § VAC 20-270-10 et seq.

Code of Va., § 22,1-79. Powers and Duties.

Code of Va., § 22-1-89. Management of Funds.

Code of Va., § 22.1-91. Limitation on Expenditures.

Code of Va., § 22.1-115. System of Accounting.


Adopted by School Board: February 16, 1993
Amended by School Board: October 19, 1993
Amended by School Board: April 16, 1996
Amended by School Board: June 20, 2000
Amended by School Board: September 5, 2000
Approved by the Board per communication of March 12, 2003