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Audit committee recommends RSM engagement, discusses transition and merging oversight roles
Summary
The audit committee updated the board on an incoming external auditor engagement with RSM, continued work on school sampling and post-audit follow-ups, and discussed options for combining the audit committee with the Citizens Financial Oversight Committee (CFOC) or creating subcommittees to preserve expertise.
The audit committee told the board it will recommend the engagement of RSM as the district's next external auditor and described steps to accelerate the incoming firm's learning curve and the five-year deep-risk assessment the committee is required to conduct.
Committee member Mr. Daniels said the panel welcomed a fifth member, Mary Foreman, and has been coordinating the incoming RSM team with the outgoing auditors to reduce transition delays. "My purpose here is more to try and reduce the learning curve," Daniels said, adding the committee expects RSM to start with the required deep risk assessment and to provide a preliminary assessment by the September meeting.
The committee…
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