(a)

1. (1) Audit reports, along with accompanying comments and recommendations, shall be reviewed at the first regularly scheduled school board or governing body meeting following receipt of the audit report if the audit report is received by the school board prior to ten (10) days before the regularly scheduled meeting.
2. (2) If the audit report is received by the board or governing body within ten (10) days before a regularly scheduled meeting, the report may be reviewed at the next regularly scheduled meeting after the ten-day period.

(b)

1. (1) The school board or governing body of the auditee shall take appropriate action relating to each audit finding and recommendation within the audit report.

2. (2) The minutes of the meeting shall document:

   1. (A) The review of the audit; and
   2. (B) Action taken by the board or governing body.