The financial affairs of Horizon School Division No. 205
must be managed in a manner consistent with the trust placed in the Division by
the public. Adequate accounting records and procedures for verifying those
records through internal and external audits are seen as critical components to
a strong internal control environment. Procedures
1. The Division will follow generally accepted accounting
practices in accordance with Public Sector Accounting Standards.
1.1. Accounts shall be structured in accordance with the
accounting and reporting specifications as published by the Ministry of
Education of the Government of Saskatchewan to ensure that the financial
reporting requirements can be met; and,
1.2. Revenues and expenditures shall be additionally coded to
budget managers, programs, activities and locations to ensure relevant and
timely financial reports can be generated to assist in monitoring initiatives
and to facilitate effective decision making processes.
2. The Superintendent of Finance Services/CFO will ensure
adequate internal controls are in place to guarantee the integrity of Horizon’s
financial transactions and records.
2.1. Appropriate segregation of duties must exist for all
2.2. Assigned budget managers must provide authorization for all
expenditures charged to their approved budgets;
2.3. Authorized signing authorities must be in place on all
division financial institution accounts:
2.3.1. Each school is permitted to hold a single account for school
22.214.171.124. The principal shall be responsible for the oversight of the
deposit of funds and maintenance of accounts;
126.96.36.199. The principal shall ensure that financial records regarding
the acquisition of funds by the school in general and by any and all groups under
his/her supervision are maintained in such a manner that the school will be in
a position to reply to appropriate inquiries regarding the expenditure of
and/or acquisition of funds; and
188.8.131.52. The Director and the Superintendent of Finance Services/CFO
must be included as additional signing authorities on all accounts associated
with Horizon School Division.
2.4. Dual signatures shall be required on cheques issued from all
2.5. Funds paid by electronic transfer of funds (EFT) are to be
processed by either the Manager of Accounting Services or the Manager of
Payroll Services and regularly reviewed by the Superintendent of Finance
2.6. Cash receipts must be deposited and processed in a timely
2.6.1. All funds received in the division shall be deposited in an
account associated with the division; and
2.6.2. All funds received in the division shall be recorded in the
financial information system and shall be subject to an annual external audit
and/or internal audit.
3. Horizon School Division’s financial systems and records will
be subject to an external audit.
3.1. The Audit Committee, on behalf of the Board of Education,
shall appoint an independent, professionally designated external auditor;
3.2. External audits are to be performed annually, or more
frequently at the discretion of the Audit Committee.
4. Division accounts and accounting practices will be subject
to internal audits at the discretion of the Superintendent of Finance
4.1. Internal audit reports shall be available for review by the
Audit Committee and the external auditor.
Reference: Sections 85, 87 The Education Act, 1995
March 7, 2011
April 15, 2019