Common use of Annual Audits Clause in Contracts

Annual Audits. GOVERNING BODY of CHARTER SCHOOL shall cause an annual audit to be made using the same audit format as used by Shelby County Schools. Said auditors employed by CHARTER SCHOOL shall be certified public accountants who audit the accounts and records, including internal school activity and cafeteria funds, of CHARTER SCHOOL, in compliance with and as required under Tenn. Code Xxx. §00-00-000. CHARTER SCHOOL shall maintain internal school activity and cafeteria funds in accordance with the laws of Tennessee and Rules and Regulations of the Tennessee Department of Education, and CHARTER SCHOOL shall handle all costs related to causing said audit to occur. Said annual audit shall be completed as soon as practical after June 30th of each fiscal year of CHARTER SCHOOL, but in any event, no later than the date set by the State’s Comptroller after such fiscal year, and a copy of such audit shall be furnished to AUTHORIZER, and to the extent required by applicable law, to the special joint oversight committee on education, the Commissioner of Education, and the Comptroller of the Treasury. All of said audits shall be subject to, be prepared in accordance with, and be approved by, the Comptroller of the Treasury in accordance with the Act. Said CHARTER SCHOOL shall comply with Governmental Accounting Standards Board (“GASB”) Statements, if and when applicable, and audit shall be in a AUTHORIZER approved format for a public school and not for a non-profit corporation. Should the audit not comply with this paragraph, AUTHORIZER reserves the right to require CHARTER SCHOOL to use the same auditors that it uses until the conclusion of this Agreement. The annual audit shall contain at least the following information:

Annual Audits. GOVERNING BODY of CHARTER SCHOOL shall cause an annual audit to be made using the same audit format as used by Shelby County Schools. Said auditors employed by CHARTER SCHOOL shall be certified public accountants who audit the accounts and records, including internal school activity and cafeteria funds, of CHARTER SCHOOL, in compliance with and as required under Tenn. Code Xxx. §00-00-000. CHARTER SCHOOL shall maintain internal school activity and cafeteria funds in accordance with the laws of Tennessee and Rules and Regulations of the Tennessee Department of Education, and CHARTER SCHOOL shall handle all costs related to causing costs arising from said audit to occur. Said annual audit shall be completed as soon as practical after June 30th of each fiscal year of CHARTER SCHOOL, but in any event, no later than the date set by the State’s Comptroller after such fiscal year, and a copy of such audit shall be furnished to AUTHORIZER, and to the extent required by applicable law, to the special joint oversight committee on education, the Commissioner of Education, and the Comptroller of the Treasury. All of said audits shall be subject to, be prepared in accordance with, and be approved by, the Comptroller of the Treasury in accordance with the Act. Said CHARTER SCHOOL shall comply with Governmental Accounting Standards Board (“GASB”) Statements, if and when applicable, and audit shall be in a AUTHORIZER approved format for a public school and not for a non-profit corporation. Should the audit not comply with this paragraph, AUTHORIZER reserves the right to require CHARTER SCHOOL to use the same auditors that it uses until the conclusion of this Agreement. The annual audit shall contain at least Agreementduring the following information:year(s)