The Denison ISD school board has a fiduciary duty to oversee the use of our taxpayer dollars. A key component in carrying out that duty is ensuring that the district conducts an annual audit. Although individual board members are not expected to be experts in financial matters or in the interpretation of complex financial data, board members do need to be familiar with what the law requires with respect to an audit and should be confident enough to ask questions regarding that process.

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The board of trustees of an independent school district has the duty to ensure that the district’s fiscal accounts are annually audited by an independent auditor at district expense. The law also requires that the audit be completed following the close of each fiscal year, in the format prescribed by the State Board of Education.

In addition to evaluating the district’s financial statements, the audit process is used to determine if the district is accurately providing financial information to the state through the Public Education Information Management System, and the audit results are reflected in the Financial Integrity Rating System of Texas (FIRST).