APS #2003

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External Audit Notification and Reporting

Brief Description

Associate Vice President for 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.

Reason for Policy

The Associate Vice President for Internal Audit is responsible for reporting the status of external and internal audit activities to the Board of Regents.  Transparency and collaboration throughout the process provide the Board of Regents with a holistic view on risks and audit recommendations noted by the auditors and help avoid redundancy in assurance activities. This policy sets forth the university's process for reporting external audit activities.

Policy Profile

APS Policy Title: 
External Audit Notification and Reporting
APS Number: 
2003
Effective Date: 
January 1, 2025
Approved By: 
President Todd Saliman
Responsible University Officer: 
President Todd Saliman
Responsible Office: 
Department of Internal Audit
Policy Contact: 
The appropriate campus Controller or audit liaison, who will consult with the Associate Vice President for Internal Audit as appropriate, will respond to questions and provide guidance regarding interpretation of this policy.
Supersedes: 
July 1, 2014, External Audit Notification and Reporting
Last Reviewed/Updated date: 
January 1, 2025
Applies to: 
All campuses

Introduction

The university is routinely subject to audits performed by the Department of Internal Audit and by a variety of external auditors. Audits or similar formal reviews differ greatly in their nature and extent. To assist the Board of Regents Audit Committee in fulfilling their charge of risk oversight, as supported by the Department of Internal Audit, and to provide a holistic risk perspective, avoid redundancy in audit activities, and enhance support of the campuses and System Administration, it is important to have timely insight into the external audit activities, auditor's process, the scope and objectives of the particular audit project, and the possible impact of the audit results on the university. This policy clarifies the university process for reporting external audit activities.

Policy Statement

  1. System Administration and each campus are responsible for developing a documented process for collection and dissemination of external audit-related information to assure timely evaluation of and response to audit findings and recommendations for audits in process.
     
  2. To comply with the provisions of the Federal "Single Audit Act," the Department of Internal Audit will consider the impact of external audit activity on its annual audit plan and report relevant information to the Board of Regents Audit Committee, as required.
     
  3. System Administration and each campus are responsible for establishing and maintaining a documented process for monitoring the status of open audit recommendations specific to the individual campus or System Administration. An appropriate university officer will be assigned to monitor the status of audit recommendations with universitywide impact.
     
  4. A designated campus or System Administration representative shall timely notify the Department of Internal Audit in writing about external agency audits after the commencement of such audit or review, or at least quarterly. The Associate Vice President for Internal Audit shall provide the Board of Regents Audit Committee with a quarterly report summarizing the new, ongoing, and completed external audits and the implementation status of audit recommendations.

History

  • Adopted:  January 1, 1992.
  • Revised:  July 1, 2009; July 1, 2014; June 3, 2015 (Non-substantive changes – Title changed from Director of Internal Audit to Associate Vice President for Internal Audit); January 1, 2025.
  • Last Reviewed:  January 1, 2025.