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Roles and Responsibilities - Auditing

Section:    Auditing Number:  10.001    
Title:  Roles and Responsibilities - Auditing

Index

POLICY

APPENDIX

  • None.

  • POLICY

    .100  POLICY STATEMENT 

    The policy sets forth high-level Auditing  roles and responsibilities for the Chancellor's Office and the Institutions.

    .110  POLICY RATIONALE

    OUS seeks to ensure that the high-level roles and responsibilities of the Chancellor's Office and the Institutions related to Auditing are documented, communicated, and clearly understood and applied.

    .120  AUTHORITY

    .130  APPROVAL AND EFFECTIVE DATE OF POLICY

    Approved by the Budget and Finance Committee of the Board on 2/15/02 as part of the Fiscal Accountability Framework Final Report.  The effective date of the policy is 3/1/02.

    .140  KNOWLEDGE OF THIS POLICY

    All Chancellor's Office and institutional personnel with fiscal responsibilities should be knowledgeable of this policy.

    .150  DEFINITIONS

    None.

    .160  HIGH LEVEL ROLES AND RESPONSIBILITIES

    A.  CHANCELLOR'S OFFICE 

    High level roles High level responsibilities
    Internal Audits Develops IAD plan.  Reports to the Board.  Communicates with institutions.
    External Audit - CPA, A-133, and Financial Statement Coordinates audit planning, fieldwork, and reporting with institutions.
    Secretary of State Coordinates audit planning, field work, and reporting with institutions.
    Federal and State Funding Program Audits Consults with institutions on planning, fieldwork, and reporting.
    Institutional Post Transactional Audits Reviews adequacy of post transaction audits.

    B.  INSTITUTION

    High level roles High level responsibilities
    Internal Audits Provides input into the development of the IAD plan and provides necessary data for audits.  Helps ensure recommendations are reasonable and practical.  Implements IAD recommendations.
    External Audit - CPA, A-133, and Financial Statement Provides data necessary for Financial Statement A-133 audit.  Implements recommendations.
    Secretary of State Assists IAD with coordination efforts.  Provides data necessary for audit.  Reviews recommendations for reasonableness and practicality.  Implements recommendations.
    Federal and State Funding Program Audits Coordinates audit planning, fieldwork, and reporting with institutions.  Reviews recommendations for reasonableness and practicality.  Implements recommendations.  Consults with IAD on process.
    Institutional Post Transactional Audits Develops post transaction audits and monitors variances.

    .690  CONTACT INFORMATION

    Direct questions about this policy to the following offices:

    Subject Contact
    General questions from institutional personnel Chancellor's Office Internal Audit Division
    General questions from institutional central administration and Chancellor's Office personnel Chancellor's Office Internal Audit Division

    .695  HISTORY

    10/15/03 - Reformatted
    2/15/02 - Approved 

    Policy Last Updated: 10/15/03


    APPENDIX

    None.

    Appendix Last Updated:  10/15/03