Administrative Procedure 510
FINANCIAL REPORTING, SYSTEMS AND INTERNAL CONROLS Background The establishment of appropriate financial systems including monitoring and controlling revenues and expenditures ensures fiscal responsibility and accountability. The District’s financial systems and records are subject to an external audit annually. Procedures 1. The Chief Superintendent delegates to the Secretary-Treasurer authority and responsibility for directing fiscal and financial affairs throughout the District. 2. Financial systems development is the responsibility of the Secretary-Treasurer, (excluding the technical responsibility for computer system maintenance and development). 3. Secretary-Treasurer authority and responsibility includes, but is not limited to: 3.1
Establishing and maintaining financial systems, accounting and financial regulations, and internal controls of the District;
3.2
Developing, leading, controlling and reporting on the planning and resource allocation process and budget of the District;
3.3
Authorizing necessary expenditures within revenues received;
3.4
Establishing the District’s “Required Accounting Procedures”;
3.5
Directing the development and maintenance of management reporting systems for budget/expenditure controls which meet the needs of the District, including the District chart of accounts;
3.6
Ensuring adherence to accounting and financial regulations, procedures and internal controls of the District through compliance audits by the Accounting department;
3.7
Planning and acquiring of all financing/borrowing requirements as delegated to the Chief Superintendent by the Board; and,
3.8
Preparing and issuing the District's annual audited financial statements and government required financial reports according to established guidelines, regulations and timelines.
4. The Secretary-Treasurer may delegate responsibility to the Accounting department through the comptroller as required.
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5. District accounting practices shall comply with Public Sector Accounting Standards (PSAS) and the Canadian Institute of Chartered Accountants (CICA) handbook subject to Government reporting requirements for school boards. 6. All financial practices that are established by principals and department supervisors shall comply with the financial requirements and internal controls established by the Secretary-Treasurer. The Secretary-Treasurer, unless otherwise delegated through an Administrative Procedure, shall approve all District systems supporting, containing, or generating financial information, financial regulations, procedures and internal controls. 7. Delegation of specific responsibility for financial matters to principals and non-school based department heads by the Secretary-Treasurer is outlined in District Administrative Procedure 511 - School Generated Funds and Administrative Procedure 514 - Signing Authority and Controls. 8. Principals and non-school based department heads shall be held accountable for complying with applicable District administrative procedures on financial matters and for ensuring that guidelines and standards contained in the Required Accounting Procedures document are followed and that internal control directives are applied. Approval Date:
April 12, 2016
Reference:
Section 20, 22, 60, 61, 113, 116, 145, 146, 147, 148, 149, 150, 151, 152 School Act Funding Manual for School Authorities Guide to Education ECS to Grade 12 Policy and Requirements for School Board Planning and Reporting School Authority Planning and Reporting Reference Guide Required Accounting Procedures
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