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13a.02.07.00.htm 13A.02.07.00. Title 13A STATE BOARD OF EDUCATION Subtitle 02 LOCAL SCHOOL ADMINISTRATION Chapter 07 Annual Audits of Financial Statements and Federal Awards Authority: Education Article, §2-205, 5-109, and 5-206, Annotated Code of Maryland
13a.02.07.01.htm 13A.02.07.01. 01 Scope.. These regulations implement the Education Article, §5-109, Annotated Code of Maryland, which requires each local board of education to provide for an annual audit of its financial statements. The regulations also implement the Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 and the Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, which require State, local governments, and nonprofit or
13a.02.07.02.htm 13A.02.07.02. 02 Definitions.. A. In these regulations, the following terms have the meanings indicated.. B. Terms Defined.. 1) "Department" means the Maryland State Department of Education.. 2) "Fiscal year" means the period beginning on July 1 of a calendar year and ending on June 30 of the next calendar year.3) "Local board" means the board of education of a county and includes the Board of School Commissioners of Baltimore City.
13a.02.07.03.htm 13A.02.07.03. 03 Incorporation by Reference.. A. In this chapter, the following documents are incorporated by reference.. B. Documents Incorporated.. 1) Audit and Accounting Guide for State and Local Governments (2005 Edition―American Institute of Certified Public Accountants)2) Government Auditing Standards (2003 Revision―Comptroller General of the United States). 3) The Single Audit Act of 1984 (31 U.S.C. §7501―7507, Public Law 98-502) and the Single Audit Act Amendments of 1996 (31 U.S
13a.02.07.04.htm 13A.02.07.04. 04 Audits of Financial Statements.. A. Audit Required. Each local board shall have an audit made of its financial statements for each fiscal year in accordance with this regulation.B. Qualifications of Auditor. An independent certified public accountant, or a partnership or corporation of certified public accountants who hold a license or permit issued by the State Board of Public Accountancy shall perform the audit.C. Approval by State Superintendent of Schools. Th
13a.02.07.05.htm 13A.02.07.05. 05 Audits of Federal Awards.. A. Additional Audit Requirements and Standards. In addition to the requirements of Regulation .04 of this chapter, if a local board expends $500,000 or more in a fiscal year in federal awards, the local board shall have an audit made in accordance with the Single Audit Act of 1984 and the Single Audit Act Amendments of 1996 and the Office of Management and Budget (OMB) Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations.
13a.02.07.06.htm 13A.02.07.06. 06 Audit Resolution.. A. Department Responsibilities. The Department shall review all audits of the local boards made pursuant to Regulations .04 and .05 this chapter, monitor the implementation of corrective action, and determine the amount of questioned costs to be disallowed.B. Written Notice of Disallowed Costs. The Department shall give the local superintendent of schools written notice whenever it determines that any questioned costs are to be disallowed.
13a.02.07.07.htm 13A.02.07.07. 07 Fraudulent Acts.. A. If the auditor becomes aware of any fraudulent acts, the auditor shall promptly notify the local superintendent of schools and prepare a separate written report.B. The local superintendent of schools shall promptly notify the Department of the fraudulent acts and any actions taken or proposed.C. Fraudulent acts include:. 1) Fraudulent financial reporting;. 2) Misappropriations of funds or other assets; and. 3) Conflicts of interest..
13a.02.07.08.htm 13A.02.07.08. 08 Inspection and Retention of Records.. A. Audit reports shall be made available by the local superintendent of schools for public inspection within 30 days after receipt of the audit report.B. Audit reports and working papers shall be retained for 5 years unless the Department or appropriate federal agency notifies the local superintendent of schools in writing to retain the records for a longer period.C. Audit working papers shall be made available upon request to the Departm
13a.02.07.09.htm 13A.02.07.09. 09 Extensions of Time.. A. The State Superintendent of Schools may extend the time periods in Regulations .04C and G and .05B of this chapter upon written request by the local superintendent of schools.B. A written request for extension of a time period shall be made at least 15 days before an act is required or report is due and shall state the reasons for requesting the extension.
13a.02.07.10.htm 13A.02.07.10. 10 Relation to Other Audit Requirements.. These regulations do not limit the authority of local, State, or federal agencies to conduct additional audits necessary to carry out their responsibilities under any other law or regulation.
13a.02.07.9999.htm 13A.02.07.9999. Administrative History Effective date: January 28, 1970. Chapter revised effective June 7, 1983 (10:11 Md. R. 976). Regulation .01E and F amended effective July 30, 1984 (11:15 Md. R. 1332). Regulation .01, Annual Audit of Financial Accounts, repealed effective April 4, 1988 (15:7 Md. R. 850) ―Regulations .01―09, Annual Audits of Financial Statements and Federal Assistance Programs, adopted effective April 4, 1988 (15:7 Md. R. 850)Regulation .03D amended e
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