(Note: OLPM sections on this page may be cited following the format of, for example, "BOT.IV.D.1.1". These policies may be amended at any time, do not constitute an employment contract, and are provided here only for ease of reference and without any warranty of accuracy. See OLPM Main Menu for details.)
- State Law Regarding External Auditors
- The Board of Trustees shall submit to the Governor, for his concurrence, the Board recommendation with respect to the selection of external auditors.
- The external auditors selected by the Board of Trustees shall render their report and findings to the Board of Trustees, to the Governor, and to the Legislative Fiscal Committee. Such auditors shall provide to the Governor and to the Legislative Fiscal Committee any information normally provided to the audit committee and shall respond to any request from the Governor or from the Legislative Fiscal Committee relative to the financial conditions, operations, and systems of the university that the board reviewed during its audit. (From )
- Board of Trustees' External Audit Policy
- The Board of Trustees shall engage an external auditing firm which will conduct an examination of the financial records of the University System at the close of each fiscal year.
- The Audit Committee shall establish the qualifications and standards desired and shall prescribe and carry out the selection process and make appropriate recommendations to the Board of Trustees. The selection process shall consider the firm's experience in the auditing of higher educational institutions, with particular attention to the auditing of state universities.
- External auditing firms shall be engaged from among the major national public accounting firms, subject to the Board's continuing satisfaction with the firm's services and with re-proposals to be reviewed after each five to seven year period.
