|Policy Title:||External Audit Notification and Reporting|
|Effective:||July 1, 2014|
|Approved by:||President Bruce D. Benson|
|Responsible University Officer:||President Bruce D. Benson|
|Responsible Office:||Department of Internal Audit|
|Policy Contact:||The appropriate campus Controller, who will consult with the Director of Internal Audit as appropriate, will respond to questions and provide guidance regarding interpretation of this policy.|
|Supersedes:||Coordination of Audits, July 1, 2009|
|Last Reviewed/Updated:||July 1, 2014|
|Applies to:||All campuses|
Brief Description: Director of Internal Audit is responsible for reporting the status of external and internal audit activities to the Board of Regents. This policy sets forth the University's process for reporting external audit activities.
The University is routinely subjected to audits performed by the Department of Internal Audit and by a variety of external auditors. Because audits differ greatly, it is important to understand the auditor's process, the scope and objectives of the particular audit project, and the possible impact of the audit results. This policy clarifies the University process for reporting external audit activities.
- Whenever an external audit agency contacts a University employee or unit to perform an audit, the Department of Internal Audit must be notified.
- To avoid to the extent possible the redundancy of audit activity and to comply with the provisions of the Federal "Single Audit Act," the Department of Internal Audit will maintain a record of external audit activity and report this information to the Board of Regent Audit Committee as required.
- Each campus is responsible for developing policies and procedures for dissemination of audit-related information to assure timely evaluation of and response to audit findings and recommendations for audits in process.
- Each campus is responsible for establishing and maintaining a process for monitoring the status of open audit recommendations specific to the individual campus. The Associate Vice President for Finance is responsible for maintaining a process for monitoring the status of audit recommendations with university-wide application.
- System Administration and the campuses will provide the Board of Regent Audit Committee a periodic report summarizing the implementation status of audit recommendations.
- Revised July 1, 2014
- Revised July 1, 2009
- Initially Issued January 1, 1992