The Fiscal Officer of the Henderson Memorial Public Library Board of Trustees is responsible for keeping the financial records of the library.
- Financial reports are presented at monthly board meetings for review by the Board of Trustees.
- The Auditor of State’s office audits library financial records every two years.
- The duties of the Finance Committee of the Henderson Library Board of Trustees are outlined in a fiscal calendar (see attached).
The Audit Committee of the Henderson Memorial Public Library shall consist of all members of the Finance Committee. If possible, it will include one representative from the business community who is familiar with governmental accounting and auditing.
The Audit Committee works with management and audit staff to select accounting standards, discuss sensitive audit areas, and resolve differences between management and the audit staff. In working with the independent auditors, the audit committee should be apprised of the following matters:
· Fraud and illegal acts
· Deficiencies in internal controls
· What the auditors are responsible for and what can be expected of them. (Example: They are expected to provide “reasonable” assurance, not “absolute” assurance.)
· Significant accounting policies
· Significant audit adjustments
· Disagreements with management and consultation with other accountants
· Difficulties encountered in performing the audit
The Audit Committee should meet at least twice during the audit process: once, before the auditors have begun the audit in order to review audit plans and communicate any special areas of concern, and once near the end of the audit, to review the draft audit report and accompanying notes, discussion and analysis.
The Audit Committee is expected to formally report its activities to the Board of Trustees and the community at the first regular board meeting following completion of the audit, and at any other time that significant accounting and/or audit issues arise.
Revised July 12, 2011
Adopted October 10, 2006
Henderson Memorial Public Library Board of Trustees