Parents of pupils at troubled De La Salle College met senior school officials last night in an attempt to resolve a long-running row.
The Concerned Parents Committee had discussions with `associate principal' Imelda Jordan, the Episcopal Vicar for education for the Down and Connor diocese Fr Timothy Bartlett and representatives of the Council for Catholic Maintained Schools (CCMS).
The west Belfast school has been in turmoil over a breakdown in relations between some of the 70-strong staff and the principal, Claire White, for several months.
It has seen pickets by parents and sixth form pupils amid fears that summer exams will be affected.
This week, INTO members at the school said they were prepared to take action up to and including strike.
Last night's meetings came after a leaked report revealed that the former Belfast Education and Library Board carried out an investigation in 2013 after it was found "there had been serious cases of misappropriation of funds within the school, particularly through the sports hall fund and school credit card".
Some have questioned the timing of the leak, which concerns matters that pre-date existing problems.
While the audit document mentions a `sports hall account', the Irish News understands that the investigation was not concerned with teachers working within the PE department.
The board recommended that a complaint should be made to police.
A PSNI spokesman said a complaint was made in January 2014. Numerous people were interviewed on suspicion of fraud by abuse of position, with a file then passed to the Public Prosecution Service (PPS) for direction.
The PPS said last night that it "received a file relating to this matter from the PSNI in December 2015 and it is currently under active consideration".
The CCMS said it was aware of the audit report and its findings.
"CCMS has worked closely with the school to ensure that the recommendations in the report have been taken forward and implemented. CCMS is confident that the issues raised have been addressed," a spokeswoman said.
In a statement, the De La Salle governors said: "This report predates the term of the the current principal and board of governors. The governors are aware of the report and have been actively and intensively working along with CCMS and the Education Authority to deal with all of the historic issues raised prior to their term of office."
