||Business and Support Operations
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- ANNUAL AUDIT
The University financial records shall be audited at the close of business
on June 30 of each year by a certified public accounting firm.
- SCOPE OF AUDIT
- The examination of the financial records, accounts, and procedures
of Lake Superior State University shall be made in accordance with
generally accepted auditing standards as adopted by the American Institute
of Certified Public Accountants.
- With respect to Federal assistance received, an annual Single Audit
shall be performed using such AICPA and GAS standards as may be appropriate
to render an option on the University's compliance with the requirements
described in OMB Circular A-133.
- CONTRACT PERIOD
The maximum contract period with any certified public accounting firm
will be five years. When each contract period expires, the external audit
service shall be re-bid. While no accounting firm will be prohibited
from succeeding itself, the University recognizes the desirability of
periodically changing accounting firms.
- REQUEST FOR AUDIT PROPOSALS
Several large certified public accounting firms with experience auditing
colleges and universities will be requested to submit proposals.
- PERSONNEL REQUIREMENTS
The proposed services shall be rendered by or under the personal supervision
of competent certified public accountants who will faithfully perform
their work with care and diligence and report all irregularities, omissions,
and discrepancies in the accounts of Lake Superior State University.
All proposals shall set forth the names and qualifications of staff members
who would have primary responsibility for the audit.
- WORK PERFORMED BY UNIVERSITY PERSONNEL
University personnel will be used where appropriate to expedite the
work of auditors and to avoid additional audit costs. Examples of work
which might be performed by University personnel to assist the auditors
are as follows:
- Trial balances of all funds with supporting schedules when requested.
- Preparation of other schedules requested for audit purposes.
- Preparation of preliminary financial statements.
- Pulling of vouchers, receipts, and other documents as required.
- Preparation of requested correspondence.
Cooperation between the external auditors and any persons or firms performing
internal audit services for the University will be expected to avoid
duplication of effort.
- CONFLICT OF INTEREST
The University's conflict of interest policy will apply to the relationship
between the external auditors and the University staff. University officials
responsible for activities being audited by the external auditors will
not retain such auditors for personal services unless their immediate
supervisor has approved the scope of such services.
Auditors should not be retained to perform any special services for
the University without approval from the President and/or Vice President
of Business and Financial Operations.
- OTHER BENEFITS
An external audit firm will not be requested to perform any other benefits
or services to the University as a condition of continuance of the audit
agreement, such as hiring LSSU graduates, providing scholarships or guest
Policy adopted by the Board of Regents on October 30,
1987, amended January 9, 1992.