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Finance: Accounting
External Audit Policy


Approved by: Board of Trustees 
History: Issued -- March 14, 2002
  Revised --
 
Related Policies: Treasurer’s Scope of Responsibilities: Fraud and Financial Irregularities:
Additional References:

 

Responsible Official:

Treasurer and Vice President for Finance and Administration  202-319-5606

View Full Version of Policy

I. Introduction
The university requires that an annual external audit of the university’s financial statements be conducted.  This policy governs the engagement of an external audit firm.

This policy applies to all external audits of the University Financial Statements. 

 

II.  Definitions
N/A

 

III.  Appointment of an Auditor

The Board of Trustees appoints the external auditor of the university annually.  The Finance Committee recommends an audit firm to the Board of Trustees for their consideration.

 

IV.  Bidding of External Audit

The Vice President for Finance and Treasurer shall be responsible for solicitation of bids for external audit services at least once every seven years.  The Vice President for Finance and Treasurer shall review the bids with the Finance Committee of the Board of Trustees who shall make the final selection decision.

 

V.  Rotation of External Audit Partner

The external audit firm shall be required to rotate the audit partner on the engagement at least once every seven years.

 

VI.  Disclosure to the Finance Committee of the Board

The external audit firm partner shall be required to meet privately with the Trustee members of the Finance Committee of the Board of Trustees at least annually to discuss management.

 

 

 

 

 

 

 



Last Revised 29-Jun-09 11:34 AM.