No. 5-10b

Rev.

Date 9-6-84

 

 

I. PURPOSE
 

 

 

To establish the University's policy regarding external audits performed by agencies and organizations with a legitimate auditable interest in some aspect of Weber State University.

II. DEFINITIONS
 

A. External Audit Agency
 

An agency or organization not under the employ of the University who has an auditable interest in the University.
 

B. Auditable Interest
 

An outside agency or organization which has provided the University with funding for a specific purpose or has been sanctioned by a vice president of Weber State University. This authority may be delegated to other independent parties, such as a CPA firm, as determined by the external audit agency.
 

C. University Audit Coordinator
 

The individual assigned by the University controller to coordinate and oversee an audit of some aspect of the University by an external audit agency.
 

D. Audit Entry Conference
 

A formal meeting of representatives from the external audit agency and Weber State University which shall be scheduled prior to the commencement of an audit.
 

E. Final Exit Conference
 

A formal meeting between the external audit agency and the University at which audit findings shall be discussed prior to the release of the audit report.
 

F. Audit Report
 

The final audit report which is issued after due consideration of any pertinent items in the final exit conference.

III. POLICY
 

A. The external audit agency will inform the Controller's Office of its desire to perform a specific audit. A University audit coordinator will be appointed and a meeting will be scheduled to discuss the purpose, scope, timing and coordination of the audit. A mutually agreeable date will be determined for the commencement of the audit. Representatives from an external audit agency will not contact other departments or individuals without prior approval from the Controller's Office. Any department which is directly contacted by an external audit agency should call the Controller's Office before meeting with representatives from the agency.

 

B. An audit entry conference will be held prior to the commencement of the audit. At this meeting specific information needs, physical facilities, overall coordination of the audit and other specifics will be discussed. This meeting will be attended by field auditors from the external audit agency, the University audit coordinator and others as deemed appropriate.
 

C. During the audit, it shall be the responsibility of the audit coordinator to keep fully informed concerning the status of the audit. The designated audit coordinator will direct the auditors to the appropriate areas and introduce them to the appropriate people.
 

D. It will be the responsibility of the external audit agency to provide all materials and equipment necessary to perform the audit. The University will provide working space for the duration of the audit and obtain pertinent records as requested by representatives of the external audit agency. All refiling will be done by University personnel. Official University records will not be removed from the premises unless approved in advance by the University audit coordinator.
 

E. The external audit agency will notify the cognizant area manager of any audit findings at the time they are noted. In addition, as the audit continues, the external audit agency will inform the University audit coordinator of any audit findings which will likely be noted in the audit report. It will be the responsibility of the University audit coordinator to satisfy himself/herself of the propriety of the audit findings. If said audit finding is determined to be valid, appropriate remedial action should be undertaken as soon as possible. If said audit finding is determined invalid, the University audit coordinator will so inform the external audit agency and attempt to resolve any differences at that time.

F. Upon completion of the field work, a preliminary exit conference will be held between the auditors of the external audit agency, the University audit coordinator and others as deemed appropriate. At this meeting, the audit findings and proposed recommendations will be discussed informally.

G. A preliminary draft of the audit report will be prepared after the preliminary conference. The University shall have the opportunity to review said report and convey input in writing to the external audit agency to scheduling a final exit conference. After the external audit agency has the opportunity to incorporate pertinent remarks by the University in its preliminary draft of the audit report, a final exit conference will be scheduled.

H. The final exit conference will be held with appropriate officials from the external audit agency and Weber State University. At this conference the draft of the audit report will be reviewed, any differences of fact or interpretation will be discussed and corrections or revisions in the report, which are deemed to be warranted, will be made.