POL-U5320.14 Coordinating Exit Interviews For Financial Audits
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Dates and Approval
Who does this policy apply to?
This policy applies to all 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. The Accounting Services Director Will Coordinate Department Exit Interviews for Financial Audits
EXCEPTION: Accounting Services does not coordinate the agreed upon procedures for NCAA Athletics.
If there are no management letter points or findings, the department Exit Interview participants should be:
- Appropriate department personnel
- Director or department head and/or dean
- Director of Internal Audits
- Accounting Services Director
If there are management letter items and/or audit findings, the department Exit Interview participants should include the persons listed above plus the following additional persons:
- The Assistant Vice President for Business and Financial Affairs;
- If it is an academic department, the Provost and the Dean of the College; or
- If it is an administrative department, the Vice President over the department.
2. Vice President for Business and Financial Affairs Will Coordinate Preliminary University Exit Interview
All issues that will be brought forward to the Board of Trustees Audit Committee will be discussed during the Preliminary Exit Interview. At this time, the draft documents for management letters or audit findings prepared by the auditors will be reviewed. University participants may suggest corrections to misstatement or changes that provide clarification.
Participants will include: External Auditors, Vice President for Business and Financial Affairs, Assistant Vice President for Business and Financial Affairs, Accounting Director, and Director of Internal Audits. Additional participants may include Provost or Vice President of any area with management letter items or findings. The personnel directly responsible for financial oversight will be included in the audits of sub entities within the university. In addition, Financial Reporting Manager may be included.
3. Board of Trustees Audit Committee Will Be Included in the Final University Exit Interview
The Final Exit Interview will be scheduled by the Vice President for Business and Financial Affairs. Participants will include: Board of Trustees Audit Committee, University President, Vice President and Assistant Vice President for Business and Financial Affairs, Accounting Director, and Director of Internal Audits.
4. Auditors May Meet With Management at Any Time During an Audit
The external auditors should meet with management at any time during the audit if there is a serious concern that needs immediate attention. The external auditors should not wait until the end of the audit to address serious concerns. The meeting may include the following individuals: Vice President for Business and Financial Affairs, Assistant Vice President for Business and Financial Affairs, Director of Internal Audits, University President, and/or Board of Trustees Audit Committee.