The Board’s Role in the Annual Audit

Ideas & Perspectives
Ideas & Perspectives

Volume 27

No. 7//

June 4, 2002

Fiscal oversight and fiduciary responsibility are terms synonymous with trusteeship. The audit report is a key document that affirms, both to you and to those whose assets you steward, that the school is operating within generally accepted accounting principles (often referred to as GAAP).1
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