2013 ORS § 328.465¹
Annual audit procedure

(1) All school district boards and education service district boards shall cause to have prepared an annual audit of the books and accounts of the school district or education service district in the manner set forth in subsection (2) or (3) of this section. The audit reports must be filed with the administrative office for the county in which the administrative office of the district is located on or before November 1 of the year in which the audit is conducted.

(2) The school district board or education service district board may contract for its audit with the administrative office for the county in which the administrative office of the school district or education service district is located. The administrative office for the county shall secure the services of accountants who shall audit the books and accounts of the districts and file with the administrative office for the county a statement setting forth the financial condition of each district. A copy of the audit report of the district shall be sent to the appropriate board of the district. Each district, upon receipt of billing from the administrative office for the county, shall pay its share of the audit costs.

(3) A school district board or an education service district board may contract with accountants to audit the books and accounts of the district.

(4) Accountants under contract as described in subsection (2) or (3) of this section must be selected from the roster of authorized municipal accountants maintained by the Oregon Board of Accountancy under ORS 297.670 (Board of Accountancy to prepare and maintain roster).

(5) The audit required by this section must include an audit of those factors that are used to compute the State School Fund distribution under ORS 327.011 (Description of Local Revenues for purpose of State School Fund distributions), 327.013 (State School Fund distribution computations for school districts) or 327.019 (State School Fund distribution computations for education service districts). [1965 c.100 §64; 1975 c.770 §7; 1997 c.821 §22; 2003 c.226 §9; 2011 c.316 §1]