(a) The Board of Education shall appoint the City Controller of the City as School Auditor for the purpose of conducting an annual post-audit of the finances of every department of the District, and of all persons handling the funds of the District, including the accounts of the receiver of school taxes, the Treasurer of the Board, school depositories, teachers' retirement funds, directors' association funds, sinking funds, and all other funds belonging to or controlled by the District. At the end of each fiscal year after conducting such audit the School Auditor shall certify to the Board that he has audited these accounts and report to the Board the result of such audit. A summary of the annual audit shall be published by the Board once a week for three successive weeks, beginning the first week after the audit has been furnished to the Board, in two newspapers of general circulation printed in the City. In addition to such publication, the Board shall make available to the public a reasonable number of copies of the complete audit report and shall, in its publication of the summary, state where copies may be obtained or inspected.

(b) The Board shall have the power to retain a competent and responsible firm of certified public accountants to conduct an objective and independent audit of the finances of the School District and to review the audit reports of the School Auditor, and to report the results of such audit to the Board. The Board shall cause such report to be published in the same manner as the annual audit report of the School Auditor is required to be published.