The Compilation and Administration of Education Expenditures Act Article 15

Governing competent authorities of all levels shall supervise the finances of public and private schools and other educational institutions in accordance with relevant laws and regulations.Public and private schools and other educational institutions shall regularly prepare financial reports detailing their revenues and budgets. These reports shall be submitted to the governing competent authority for public disclosure.Governing competent authorities of all levels may dispatch personnel or commission a certified public accountant to audit the financial reports and revenues and budgets of public and private schools and other educational institutions in accordance with relevant laws and regulations, and may make public announcement of the audit outcomes. Any violation of regulations in the preceding paragraph or other laws and regulations shall be handled in accordance with relevant laws and regulations and made known to the public.The central competent educational authority may suspend categorical grants for public and private schools or other educational institutions as described in the preceding paragraph for a period of one year to three years, depending on the seriousness of such violations. This regulation also applies to the municipality and county (city) governments in the administration of public and private schools or other educational institutions under its jurisdiction.Formats of the financial reports and means of their public announcements as described in Paragraphs 2 and 3 of this Article shall be formulated by the central competent educational authority.