Common use of Accounting and Audits Clause in Contracts

Accounting and Audits. The School District's accounting and audit services shall comply with the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing, as adopted by the Ill. State Board of Education (ISBE), State and federal laws and regulations, and generally accepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the auditor designated by the Board. The Superintendent, in addition to other assigned financial responsibilities, shall report monthly on the District's financial performance, both income and expense, in relation to the financial plan represented in the budget. Annual Audit At the close of each fiscal year, the Superintendent shall arrange an audit of the District funds, accounts, statements, and other financial matters. The audit shall be performed by an independent certified public accountant designated by the Board and be conducted in conformance with prescribed standards and legal requirements. A complete and detailed written audit report shall be provided to each Board member and to the Superintendent. The Superintendent shall annually, on or before October 15, submit an original and one copy of the audit to the Regional Superintendent of Schools. Annual Financial Report The Superintendent or designee shall annually prepare and submit the Annual Financial Report on a timely basis using the form adopted by the ISBE. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.

Accounting and Audits. The School District's ’s accounting and audit services shall comply with complywith the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing, as adopted by the bythe Ill. State Board of Education (ISBE), State and federal laws and regulations, and generally accepted generallyaccepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the bythe auditor designated by the bythe Board. The Superintendent, in addition to other assigned financial responsibilities, shall report monthly on monthlyon the District's ’s financial performance, both income and expense, in relation to the financial plan represented in the budget. Annual Audit At the close of each fiscal year, the Superintendent shall arrange an audit of the District funds, accounts, statements, and other financial matters. The audit shall be performed by an byan independent certified public accountant designated by the bythe Board and be conducted in conformance with prescribed standards and legal requirements. A complete Acomplete and detailed written audit report shall be provided to each Board member and to the Superintendent. The Superintendent shall annually, on or before October 15, submit an original and one copy of copyof the audit to the Regional Superintendent of Schoolsappropriate Intermediate Service Center. Annual Financial Report The Superintendent or designee shall annually prepare annuallyprepare and submit the Annual Financial Report on a timely basis timelybasis using the form adopted by the bythe ISBE. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.

Accounting and Audits. The School District's accounting and audit services shall comply with complywith the Requirements for Accounting, Budgeting, Financial Reporting, and Auditing, as adopted by the bythe Ill. State Board of Education (ISBE), State and federal laws and regulations, and generally accepted generallyaccepted accounting principles. Determination of liabilities and assets, prioritization of expenditures of governmental funds, and provisions for accounting disclosures shall be made in accordance with government accounting standards as directed by the bythe auditor designated by the bythe Board. The Superintendent, in addition to other assigned financial responsibilities, shall report monthly on monthlyon the District's financial performance, both income and expense, in relation to the financial plan represented in the budget. Annual Audit At the close of each fiscal year, the Superintendent shall arrange an audit of the District funds, accounts, statements, and other financial matters. The audit shall be performed by an byan independent certified public accountant designated by the bythe Board and be conducted in conformance with prescribed standards and legal requirements. A complete and detailed written audit report shall be provided to each Board member and to the Superintendent. The Superintendent shall annually, on or before October 15, submit an original and one copy of copyof the audit to the Regional Superintendent of Schools. Annual Financial Report The Superintendent or designee shall annually prepare annuallyprepare and submit the Annual Financial Report on a timely basis timelybasis using the form adopted by the bythe ISBE. The Superintendent shall review and discuss the Annual Financial Report with the Board before it is submitted.