The need for effective audit committees, with appropriate expertise in financial and accounting matters, has never been more pronounced in the primary and secondary education sector. Governments and school boards across Canada are responding to this need with new mandates.
Field work from PwC’s K-12 Consulting team observes that many school boards have yet to set up audit committees with independent advisors, even those in jurisdictions that have regulatory requirements to do so. Considering the financial expenditures and the intense public scrutiny placed on school boards, the status quo is not going to cut it anymore: they must act now to establish effective and transparent audit committees. School boards in provinces that are not currently mandated to have audit committees must also prepare themselves for this type of regulation.
This paper sets out a series of leading and emerging practices to assist school boards and other education institutions establish and implement effective audit committees. Read it to learn about the following emerging issues and standard practices your board should improve upon:
For more guidance on setting up an effective audit committee for your school board, download the PDF.