Financial Services Manual (FIN)

Effective: 4/11/1985

Revised: 3/1/2008

FIN 205–01: Audit Liaison

Purpose

To monitor university audits and program reviews

Source

University policy

Policy

The executive vice president and chief finance officer and the vice president for administration are responsible for monitoring all audits. The vice president for finance and deputy treasurer has university-wide liaison responsibility for all work relative to the university’s annual general purpose financial statement examinations performed by the auditor general or auditor general-appointed external auditors, including the specialized work done for federal grants/contracts and financial aid. The vice president for finance and deputy treasurer also is responsible for university coordination of the annual general purpose audits of financially related organizations.

The Office for Research and Sponsored Projects Administration coordinates audits and reviews of sponsored grant and contract programs (see the Research and Sponsored Projects Policies and Procedures Manual—RSP 510–02, “External Audits and Programmatic Reviews,” for additional information).

ASU University Audit and Advisory Services is responsible for conducting selected internal audits within ASU and is the liaison with the Board of Regents’ internal auditors and the Board of Regents’ Audit Committee.

Procedures

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Financial Statement Audits

The executive vice president and chief finance officer notifies the President’s Cabinet of each year’s audit starting date and reviews the results upon completion.

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Financially Related Organizations

The vice president for finance and deputy treasurer, in conjunction with the provost/vice provost/vice president responsible for the organization, has audit liaison responsibility between the university and the related organization. The vice president for finance and deputy treasurer periodically checks on the implementation of agreed-upon recommendations mentioned in the auditor’s management letter.

The financially related organizations are to be audited annually at each organization’s expense by the public accounting firm approved by the university for auditing of the financially related organizations.

ASU is required to include the financially related organizations in its annual audited financial report. In order for ASU to have timely issuance of its financial report, the completed, audited financial statements from each related organization are due to the ASU Financial Services Office in early September and by a date that is set each year by the ASU Financial Services Office.

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Funding Provider Audits

ASU is subject to audits by various funding providers, including the ASU Foundation, to assure that the funds are being spent in accordance with the intent and stipulation of the gifts or funding transfers to ASU. For the ASU Foundation audits, the intent and stipulations being audited are primarily those of the donor when originally gifting the funds to the ASU Foundation. In addition to the ASU Foundation, the federal government along with other grant and contract providers periodically have audits to ascertain that the funds provided to ASU are being spent in accordance with federal regulations and/or stipulations of the grant or contract.

Cross-Reference

For additional information on ASU University Audit and Advisory Services, see the policies in FIN 700, “University Audit and Advisory Services.”

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