The accounts of the Lexington Public Schools will undergo annual audit, to be conducted consistent with Generally Accepted Accounting Principles, Massachusetts Department of Elementary and Secondary Education (DESE) and Department of Revenue (DOR) requirements by the firm selected for general auditing of the accounts of the Town of Lexington. In addition, the Committee may request a private audit of the school system's accounts at its discretion.
The Committee will consider recommendations made by the auditor for maintaining an efficient system for recording and safeguarding the school department's assets.
An independent review of the accounting procedures of the Lexington Public Schools will be conducted following the termination of service, resignation, or retirement of the school business administrator.
An independent audit of the Student Activity Accounts shall be conducted for the Lexington High School, Clarke Middle School, and Diamond Middle School annually. Elementary Schools shall have independent audits every three years.
The School Committee will receive copies of all audit reports issued by audit firms engaged to audit or review school committee operating, special revenue funds, or student activity accounts.
Lexington Public Schools, Lexington MA
Adopted by Lexington School Committee: July 2015