Does the school board have to vote to approve the annual financial audit report?

ORS 294.155 requires that the audited report be ‘submitted’ to the board within 30 days after it is received by the district. There is no requirement that the board vote on the audit, and the board should not vote to ‘approve’ it as that implies that they agree with what is in it. In order to demonstrate for the record that the board has received the audit and met the statute the board may want to vote to ‘accept’ the audit or ‘have the minutes show the receipt of the audit by the board’. This puts a formal record of the submission in the official record. 

You should check your policies as well. Policy DIE (yes, that really is the letter code) is usually the one that applies to this situation.

Here is the statute:

294.155 Annual audit report; monthly report. (1) The custodial officer for a local government that holds and invests funds on behalf of another government unit shall at least once a year submit an audited report to that government unit for which funds are invested. An audit report shall be submitted to the local governmental unit or units within 30 days after receipt of the audit report by the custodial officer’s governing body. This subsection shall not apply to municipal corporations or political subdivisions exempt from municipal audits in ORS 297.435.

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