Skip Maine state header navigation
Skip First Level Navigation | Skip All Navigation
|Home | Contact Us | Calendar | Archives | Education Intranet|
Annual Audit Requirements
Title 20-A §6051. SCHOOL ADMINISTRATIVE UNITS
1. Audit. A school board shall provide for an annual audit of the school administrative unit. The audit shall include the following:
2. Fiscal year. The fiscal year of an audit shall be from July 1st to June 30th, except that audits of federal programs shall conform to federal requirements.
3. Auditors. Audits shall be conducted by either the Department of Audit or qualified certified public accountants or public accountants registered by the Board of Accountancy.
4. Initial report to commissioner. On or before November 1st, the school board shall provide the commissioner with:
5. Records. Financial records and accounts shall be kept for 7 years after the end of the fiscal year and shall be available to the auditors and any other upon request.
6. Report to commissioner. Within 6 months after the end of the audit period, the school board shall provide the commissioner with:
7. Exception. If a municipal school administrative unit meets all of the following eligibility criteria, then the municipal school administrative unit may file the annual municipal audit or audits in lieu of the annual audit required by this section:
8. Corrective action plan. The commissioner shall review the audits of the school administrative unit and determine if the school administrative unit should develop a corrective action plan for any audit issues specified in the annual audit. The corrective action plan must address those audit findings and management comments and recommendations that have been identified by the commissioner, and the plan must be filed within the timelines established by the commissioner. The school administrative unit shall provide assurances to the commissioner that the school administrative unit has implemented its corrective action plan within the timelines established by the commissioner. If the school administrative unit has not met the conditions for submitting a corrective action plan or providing assurances that the school administrative unit has implemented the plan, the commissioner may withhold monthly subsidy payments from the school administrative unit in accordance with section 6801‐A.
Title 20-A §6052. FEDERAL AUDITS
The following provisions apply to federal audits.
1. A school board of a school administrative unit which accepts federal funds shall hire auditors and pay out of available school funds or from federally allocated sums for any audit of federal programs.
2. Report to commissioner. The auditor shall provide the commissioner with a copy of the audit.
3. Use of audit. The commissioner may use these audits to provide the Federal Government with any information it requires.
Please direct any questions to:
Department of Education
|Copyright © 2007 All rights reserved.|