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1998 SESSION

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HB 898 Audits of school board accounts and records.

Introduced by: H. Morgan Griffith | all patrons    ...    notes | add to my profiles

SUMMARY:

Audits of school board accounts and records. Establishes procedures for audits of local school board accounts and records similar to those in place for local governing bodies. School boards shall have their accounts and records audited annually as of June 30 by an independent certified public accountant in accordance with the specifications furnished by the Auditor of Public Accounts. The certified public accountant shall present a detailed written report to the school board at a public session by the following December 31. If a school board fails to obtain the annual audit, the Auditor may undertake the audit or may employ the services of certified public accountants and charge the full cost of these services to the school board. The Auditor of Public Accounts must audit the accounts of local school boards only when (i) special circumstances require an audit or (ii) there is suspected fraud or inappropriate handling of funds which may affect the financial interests of the Commonwealth. In all instances, such audits shall be carried out with the approval of the Joint Legislative Audit and Review Commission.

Although local school boards have no taxing authority, the Virginia Supreme Court has stated that school boards are vested with the use and control of school funds, whether derived from state appropriations, local taxes, or other sources, and have exclusive authority to expend funds set apart by law for public school purposes (School Bd. v. Shockley, 160 Va. 405, 168 S.E.419 (1933)).


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