Administrative Procedures

Financial Accountability And Audits

Business & Finance AP 510

Background

The Division’s financial affairs shall be managed in a manner that is consistent with the Canadian Public Sector Accounting Standards and within legislative and regulatory requirements.

Procedures

1. The Associate Superintendent, Corporate Supports and Services shall ensure that adequate controls are in place to safeguard the integrity of the Division’s financial transactions and records.

2. Accounting procedures shall follow Canadian Public Sector Accounting Standards.

3. Financial records of schools/departments shall be maintained in accordance with the format prescribed by the Associate Superintendent, Corporate Supports and Services.

4. The Associate Superintendent, Corporate Supports and Services shall present interim quarterly financial reports to the Board of Trustees.

5. The Division’s financial systems and records shall be subject to an annual external audit.

6. Division and school accounts and accounting practices shall be subject to internal or external audit at the discretion of the Associate Superintendent, Corporate Supports and Services.

7. Copies of the audited financial statements shall be submitted to the Minister of Education annually by November 30, unless submission deadline is amended by Alberta Education.

8. Division audited financial statements shall be made available on the Division website

 

Approved: 

signature

Date Approved:  June 7, 2020

Reference: Education Act: 33, 52, 65, 138, 139, Part 6

Reviewed or Revised:
Executive: June, 2019

References shall be updated as required and do not require additional approval.