2010 Tennessee Code
Title 49 - Education
Chapter 2 - Local Administration
Part 1 - General Provisions
49-2-112 - School audits.

49-2-112. School audits.

(a)  (1)  The local board of education shall cause an annual audit to be made of the accounts and records of all schools under its jurisdiction that receive and disburse funds.

     (2)  The audit shall include, but not be limited to, the activity funds described in § 49-2-110.

(b)  (1)  The comptroller of the treasury, through the department of audit, shall be responsible for ensuring that the audits are prepared in accordance with generally accepted governmental auditing standards and for determining if the audits meet minimum audit standards and regulations, which shall be prescribed by the comptroller of the treasury.

     (2)  No audit may be accepted as meeting the requirements of this section until the audit has been approved by the comptroller of the treasury.

(c)  (1)  The audits may be prepared by certified public accountants, public accountants or by the department of audit.

     (2)  In the event the board of education fails or refuses to have the audit prepared, then the comptroller of the treasury may appoint a certified public accountant or public accountant or direct the department of audit to prepare the audit. The cost of the audit to be paid by the board of education.

(d)  (1)  The audits shall be completed as soon as practicable after June 30 of each year.

     (2)  One (1) copy of each audit shall be furnished to the director of schools, each member of the board of education and the comptroller of the treasury. Copies of each audit shall also be made available to the press.

(e)  All audits performed by the internal audit staffs of any such schools shall be conducted in accordance with the standards established by the comptroller of the treasury pursuant to § 4-3-304(9).

[Acts 1972, ch. 601, § 1; 1974, ch. 654, § 38; T.C.A., § 49-251; Acts 1984, ch. 794, § 12.]