| Approved by: | Board of Trustees | |
| History: | Issued -- March 14, 2002 | |
| Revised -- May 6, 2020 | ||
| Last Reviewed -- May 6, 2020 | ||
| Related Policies: | Treasurer's Scope of Responsibilities: Fraud and Financial Irregularities: | |
| Additional References: | ||
| Responsible Official: |
Controller and Assistant Treasurer tel. 202-319-5031 |
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I. Introduction
The University requires that an annual external audit of the University's financial statements be conducted. This policy governs the engagement of an external audit firm.
This policy applies to all external audits of the University Financial Statements.
II. Appointment of an Auditor
The Board of Trustees appoints the external auditor of the University annually. The Audit Committee recommends an audit firm to the Board of Trustees for their consideration.
IV. Bidding of External Audit
The Vice President for Finance and Treasurer shall be responsible for solicitation of bids for external audit services at least once every seven years. The Vice President for Finance and Treasurer shall review the bids with the Audit Committee of the Board of Trustees who shall make the final selection decision.
V. Rotation of External Audit Partner
The external audit firm shall be required to rotate the audit partner on the engagement at least once every seven years.
VI. Disclosure to the Finance Committee of the Board
The external audit firm partner shall be required to meet privately with the Trustee members of the Audit Committee of the Board of Trustees at least annually to discuss management.