External Audit Notification and Reporting

The university is routinely subject to audits performed by the Department of Internal Audit and by a variety of external auditors. Audits or similar formal reviews differ greatly in their nature and extent. To assist the Board of Regents Audit Committee in fulfilling their charge of risk oversight, as supported by the Department of Internal Audit, and to provide a holistic risk perspective, avoid redundancy in audit activities, and enhance support of the campuses and System Administration, it is important to have timely insight into the external audit activities, auditor's process, the scope and objectives of the particular audit project, and the possible impact of the audit results on the university. This policy clarifies the university process for reporting external audit activities.

1. System Administration and each campus are responsible for developing a documented process for collection and dissemination of external audit-related information to assure timely evaluation of and response to audit findings and recommendations for audits in process.
    
2. To comply with the provisions of the Federal "Single Audit Act," the Department of Internal Audit will consider the impact of external audit activity on its annual audit plan and report relevant information to the Board of Regents Audit Committee, as required.
    
3. System Administration and each campus are responsible for establishing and maintaining a documented process for monitoring the status of open audit recommendations specific to the individual campus or System Administration. An appropriate university officer will be assigned to monitor the status of audit recommendations with universitywide impact.
    
4. A designated campus or System Administration representative shall timely notify the Department of Internal Audit in writing about external agency audits after the commencement of such audit or review, or at least quarterly. The Associate Vice President for Internal Audit shall provide the Board of Regents Audit Committee with a quarterly report summarizing the new, ongoing, and completed external audits and the implementation status of audit recommendations.

• Adopted:  January 1, 1992.
• Revised:  July 1, 2009; July 1, 2014; June 3, 2015 (Non-substantive changes – Title changed from Director of Internal Audit to Associate Vice President for Internal Audit); January 1, 2025.
• Last Reviewed:  January 1, 2025.