Search results
School board duties and responsibilities are set out in law and through policies and financial direction we provide. Legal framework The Broader Public Sector Accountability Act , 2010 sets the rules that school boards follow for compensation, expenses, business plans and procurement.
school boards and requires the treasurer of every board to prepare annual financial statements covering the period from September 1 to August 31—the school year. These financial statements must be audited, submitted to the Ministry, and made publicly available on each school board’s website within six months after the school year-end.
to each school board. Overall Conclusion School board financial statements are being prepared in accordance with Canadian PSAS even though the accounting framework disclosed in their financial statements does not reflect this. In our view, school boards should state that their financial state-ments are prepared in accordance with Canadian PSAS.
- 3MB
- 49
PSAB & SCHOOL BOARD FINANCIAL REPORTING – A GENERAL GUIDE 2 PSAB & SCHOOL BOARD FINANCIAL REPORT I N G A GENERAL GUIDE INTRODUCTION AND BACKGROUND Those given control of public money face two great tasks. First, they must make sure that the public’ s money is spent wisely. Second, and nearly as important, they must be able to show that it has
- 348KB
- 16
Financial accountability framework. We have a financial accountability framework with school boards. This framework evolves over time and helps ensure transparent budgeting and public accountability. It also recognizes the need for school board flexibility to address local conditions. The framework includes:
References to a "Provincial Framework Agreement" are outdated. Collective agreements in Ontario’s education sector are now negotiated pursuant to the School Boards Collective Bargaining Act, 2014. References to technical advisory committees (e.g. School Board Administration and Governance Working Group) are outdated, none currently exist.
People also ask
What are school board financial rules?
What is a school board's financial accountability framework?
How do school boards prepare financial statements?
Does a school Financial Board report in a different manner?
What rules do school boards follow?
What is a school board financial statement?
Dec 16, 2019 · School generated funds are funds that are raised and collected in the name of the school, managed by school staff or School Councils. It is important that all TDSB staff and School Council members with financial responsibilities obtain thorough understanding of the Board’s school generated funds financial protocols, in order to promote strong internal controls and transparency in financial ...
