Board of Trustees-Auditor Rotation

01-01-04

It shall be the policy of the Board of Trustees to periodically rebid the University’s financial audit work. The external audit firm, selected through a bidding process overseen by the Trustee Audit Committee, shall be appointed annually for not more than six consecutive audits. At the completion of the sixth consecutive audit by the same firm, a request for proposals shall be issued to select a firm for the next audit cycle of six years.

If the incumbent audit firm is selected to continue to perform the financial audit for subsequent six-year period, a change in the partner in charge of the audit will be required.

While the Board reserves the right, notwithstanding this policy, to change audit firm at any time, the Board recognizes that both the University and the audit firm selected make substantial initial investments at the beginning of the audit relationship and that both parties anticipate recovery of their costs over the six-year period. Therefore, the Board does not intend to change the audit firm during the six-year audit cycle so long as the service and the fees of the audit firm remain satisfactory through the six year period.

 

Enacted: 10/26/79

Amended: 12/3/82, 10/13/89, 2/10/95, 5/6/05, 2/16/18