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.

2.1.  Appropriate segregation of duties must exist for all financial transactions;

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 generated funds: 

2.3.1.1.  The principal shall be responsible for the oversight of the deposit of funds and maintenance of accounts;

2.3.1.2.  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

2.3.1.3.  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 division accounts;

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 Services/CFO;

2.6.  Cash receipts must be deposited and processed in a timely fashion:

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.

3.1.  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.

4.1.  Internal audit reports shall be available for review by the Audit Committee and the external auditor.