RensvoldH Posted May 21, 2012 Report Share Posted May 21, 2012 Proceedings of the Audit Committee School District No. 2, Yellowstone County High School District No. 2, Yellowstone County Billings, Montana April 26, 2012 Call to Order Chair Marcy Mutch called the Audit Committee to order at 12:00 p.m. on Thursday, April 26, 2012 in Room 219 of the Lincoln Center. Committee members in attendance were Chair Marcy Mutch, Laura Bailey, Todd Preston, and Trustee Kathy Aragon; Trustee Pam Ellis arrived at 12:19 pm. Also attending were Assistant Superintendent for Administration and Operational Support / Chief Financial Officer Josh Middleton, Director of Business Services Patricia Hubbard, District Clerk Leo Hudetz, District Controller Sheri Weidinger, and Accountant Jeri Anton. Communication From the Public There was no public comment. Approve Minutes of December 12, 2011 and December 15, 2011 Todd Preston motioned and Laura Bailey seconded to approve the minutes from the December 12, 2011 and December 15, 2011 Audit Committee meetings. All voted in favor. Motion passed unanimously. Chair Mutch requested the external audit contract discussion precede the discussion on Audit Committee membership. External Audit Contract Discussion The Committee discussed the topic of the District’s external audit contract. It was pointed out that Eide Bailly has held the contract for approx. 10 years. Last year’s decision to award the contract to Eide Bailly for a single year was made in an effort to provide some continuity to the audit process given the amount of uncertainty and transition due to District staffing changes. In an effort to open the discussion up and potentially get a new set of eyes to perform the external audit for the District, discussion centered on the merits of opening an RFP for a three-year contract. Laura Bailey motioned and Todd Preston seconded to put out an RFP for a three-year contract for external audit services of the Billings Public Schools. All voted in favor and the motion passed unanimously. Trustee Aragon raised a number of questions about the roles and responsibilities of the Audit Committee in relation to trend information relating to District financial decisions. The fiduciary responsibilities of the Board of Trustees being what they are, Trustee Aragon stated that she feels historical trend information relating to things like contract negotiations and budgeting has the potential to facilitate informed decision making. Chair Mutch clarified the Board can request specific audits of the internal auditor, but that the role of the Audit Committee, based on the committee charter, is to review the Annual Financial Statements and select an External Audit Services Firm to perform the annual external audit. Audit Committee Membership Chair Mutch announced that she will be resigning from the Audit Committee. Laura Bailey mentioned that she will be able to serve one more year, but is not able to serve as the Chair given other commitments. Todd Preston also said he would be able to serve one more year; Todd would be willing to serve as the Chair provided Marcy Mutch’s replacement (community member) was not more capable or qualified to do so. Traditionally the Audit Committee makes recommendations to the Board of individuals from community with appropriate expertise and interest to serve on the Committee. No one present had any names of potential community members at the time of the meeting. It was noted, however, that the priority should be on finding an individual with extensive audit experience. Chair Mutch will finish out her term, through the identification and selection of a replacement community member on the Audit Committee for next school year. There being no further business, the meeting adjourned at 12:25 pm. __________________________ Marcy Mutch, Chair _________________________ Holly Rensvold, Recorder Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.