An audit is a review of the organization's financial condition by an independent organization to render an opinion on the integrity of the organization's finances. An annual audit is required by the statue and the University's by-laws.
The University will obtain a financial statement audit annually. The Board of Regents selects the auditor on the recommendation of the Finance Committee of the Board.
The Finance Committee of the Board will review and approve the draft audit report, including the management letter and management responses. The final issued audited financial statements will be presented to the full Board for acceptance.
Year-end closing and annual financial audit reporting are prepared by outsourced accounting services, reviewed, and approved by the CEO and submitted to external auditors.
Planning
Responsible position(s):
Controller
Required documents and access:
Banner
Frequency and timing:
Annually, April or May
Steps:
Schedule a pre-audit meeting with the auditor for planning.
Propose a timeline for:
Provide preliminary trial balance
Update procedure internal control narratives.
Uploading items provided by client (PBC)
Audit field work
Draft financial statements
Final audited financial statements
Year-end Closing Entries
Responsible position(s):
Accountants
Required documents and access:
Banner