AP 510: Financial Accountability And Audits

Business & Finance

Background

The Division’s financial matters 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; notably

1.1. Accounting procedures shall follow Canadian Public Sector Accounting Standards;

1.2. Interim quarterly financial reports shall be presented to the Board of Trustees;

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

1.4. 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; and

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

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

3. 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.

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Date Approved:  August 22, 2025

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

Reviewed or Revised:
Executive: August, 2025

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