POLICY TITLE: Annual Financial Statement Audit

APPLIES TO: Board of Regents, Executive Management, Finance & Administration

ADMINISTRATIVE AUTHORITY: Division of Finance & Administration Chief Financial Officer (CFO)

APPROVED BY: Kentucky State University Board of Regents

EFFECTIVE DATE: August 8, 2025

NEXT REVIEW DATE: August 8, 2028

As required by Kentucky Revised Statutes and the bylaws of Kentucky State University (KSU), the university shall undergo a financial statement audit on an annual basis. The purpose of this audit, conducted by an independent organization, is to render an objective opinion on the fairness and accuracy of the university's financial condition. This policy outlines the governance structure for the selection of the auditor and the review and approval of the annual audit.

A certified public accounting firm selected in accordance with the Kentucky Model Procurement Code to examine KSU's financial statements and provide an objective opinion.