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Lloydminister Public School Division

780-875-5541 Fax: 780-875-7829

5017 46 Street
Lloydminster, Alberta T9V 1R4

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Administrative Procedures

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Administrative Procedure 510

Financial Accounting and Auditing

Background

The financial affairs of the Lloydminster Public School Division must be managed in a manner consistent with the trust placed in the Lloydminster Public School Division by the public. Adequate accounting records and procedures for verifying those records through audits are seen as an integral part of the Lloydminster Public School Division’s operations.

Procedures

  1. The Lloydminster Public School Division’s financial systems and records will be subject to an annual external audit.
  2. The Board of Education shall appoint an external auditor for such period as it determines.
  3. Accounting procedures will follow generally accepted accounting practices where these are not inconsistent with the requirements of Saskatchewan Ministry of Education.
  4. Accounts shall be structured in accordance with the program accounting and reporting specifications as published jointly by Saskatchewan Ministry of Education and Saskatchewan Association of School Business Officials (SASBO).
  5. The Chief Financial Officer will ensure that adequate control mechanisms are in place to guarantee the integrity of the Lloydminster Public School Division’s financial transactions and records.
  6. Financial records of school generated funds will be maintained in accordance with the format prescribed by the Chief Financial Officer.
  7. School accounts and accounting practices will be subject to internal or external audit at the discretion of the Chief Financial Officer.

Reference
Section 85, 87, The Education Act, 1995
Section 38 The School Division Administration Regulations

Revised
August 2015
December 2017
August 2023