8VAC20-240-40: Audits; monthly and annual reports

School activity funds shall be audited at least once a year by a duly qualified accountant or accounting firm approved by the local school board and a copy of the audit report shall be filed in the office of the division superintendent. Monthly reports of the funds shall be prepared and filed in the principal's office, and annual reports shall be filed in the office of the principal or division superintendent. The cost of an audit is a proper charge against the school operating fund or school activity funds.