Policies

The Board of Trustees approved the following External Audit policy at the April 23, 2004 meeting.

Scope:

The Internal Audit department has the responsibility for coordinating the visits and/or inquiries of all compliance and financial outside auditors, e.g., federal, state audit agencies, and public accounting firms. As part of the audit coordination process, the Internal Audit department serves as a liaison between university offices and external auditors.

All initial contacts with external auditors shall be arranged through the Internal Audit department. If any University personnel are contacted directly by external auditors, they should notify the Internal Audit department immediately.

Entrance and Exit Conferences:

The entrance conference is the initial meeting to discuss the scope of an external audit. The exit conference is the final meeting to discuss the audit review and conclusions, including audit findings and recommendations.

The Internal Audit department will coordinate all entrance and exit conferences with the appropriate Universities officials and with the external auditors. The Internal Audit department may assign a designee to represent the Internal Audit department during the review process.

Responsible Office:

The Internal Audit department shall receive copies of all external audit reports within two weeks of the official report. It is the responsibility of all University officials to make sure all external audit groups have made the appropriate contact with the Internal Audit department and to make sure the Internal Audit department receives a copy of all audit reports.

University officials responsible for areas undergoing audits must contact the Internal Audit department if any issues arise concerning the audit or possible findings.