Annual Financial Statement Audit

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.

Policy

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.

Procedures

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.
• oUploading items provided by client (PBC)
• oAudit field work
• oDraft financial statements
• oFinal audited financial statements

Year-end Closing Entries

Responsible position(s):

• Accountants

Required documents and access:

• Banner