Requirement for Annual Audit

KSU shall obtain a financial statement audit on an annual basis, as required by KRS 164.096, KRS 164A.570, and KSU's bylaws (The Gold Book).

Selection of the Independent Auditor

• The KSU Board of Regents holds the final authority for selecting the independent auditor.
• The selection will be based upon the recommendation of the Board of Regents' Finance & Advancement Committee.
• The procurement process for selecting an auditor shall follow all requirements of the Kentucky Model Procurement Code.

Review and Approval of the Audit

• The Finance & Advancement Committee will review and approve the draft audit report, including the management letter and any management responses.
• The final, issued audited financial statements will be presented to the full Board of Regents for its formal approval.

REFERENCES AND RELATED MATERIALS:

• The Gold Book (KSU Bylaws)
• KRS 164.096
• KRS 164A.570
• Kentucky Model Procurement Code (KRS Chapter 45A)

CONTACTS:

HISTORY: