POL-U5320.13 Coordinating Financial Audits and Responding to Audit Issue
Jump to section
Dates and Approval
Effective Date:
November 6, 2006
Approved by:
WWU President's Council
Who does this policy apply to?
This policy applies to university financial audits performed by external audit organizations.
Overview
There is no overview for this policy.Definitions
Financial Audits
A formal review of the university financial records. Audit may be a compliance audit, conducted to review compliance with federal or state regulations, or it may be a financial reporting audit, conducted to provide an opinion on the compliance of the financial statement reporting with generally accepted accounting principles.
Policy Statements
1. Vice President for Business and Financial Affairs Will Coordinate All Financial Audits
The Vice President for Business and Financial Affairs will coordinate all financial audits done by outside entities except for the audits required for NCAA Athletics.
The Vice President for Student Affairs will coordinate the agreed upon procedures and the financial audit required for NCAA Athletics.
2. Vice President for Business and Financial Affairs Is Responsible For Responses to All Management Letters and Audit Findings
The Vice President for Business and Financial Affairs will consult with the affected areas prior to issuing a written response.