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1339
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HARRY HUGHES, Governor
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FOR the purpose of altering the time period after the close of
the fiscal year during which the results of annual audits by
boards of education shall be reported.
BY repealing and reenacting, with amendments,
Article - Education
Section 5-108
Annotated Code of Maryland
(1978 Volume and 1982 Supplement)
Preamble
County governments, boards of education, community colleges,
and boards of library trustees vary with respect to the time
periods allowed for preparation of audited financial statements
for the previous fiscal year.
Recent developments in financial reporting will require a
combined or consolidated statement presentation by these
agencies. To assist in the timely preparation of the
consolidated statement, the time period allowed for boards of
education and community colleges should conform.
It is also advantageous for boards of education to have
audited financial data from the previous fiscal year completed
before initiating budget deliberations for the prospective fiscal
year; now, therefore;,
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - Education
5-108.
(a) Each county board shall provide for an annual audit of
its financial transactions and accounts.
(b) (1) The audit shall be made by a. certified public
accountant or a partnership of certified public accountants who
are:
(i) Enrolled for practice by the State Board of
Public Accountancy; and
(ii) Approved by the State Superintendent.
(2) The audit shall be made in accordance with the
standards and regulations adopted by the State Board.
(c) (1) The results of the audit are a matter of public
record.
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