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Public funds must be spent appropriately and with ample transparency. Timely audits are an important part of this transparency. Charter schools are required to have an annual financial statement audit conducted in accordance with Government Auditing Standards and, if applicable, a Federal Single Audit. The State Education Department and the Institute perform oversight monitoring visits that are typically not audits, but could be elevated to audits if circumstances warrant. The Institute uses the results of each audit as part of its overall fiscal oversight of charter schools. Achievement Academy Charter School | |||||||||||