BOARD POLICY SERIES NUMBER: 5030

TITLE: AUDIT OF COLLEGE FUNDS

PURPOSE

To outline requirements for the annual financial audit of college funds

STATEMENT

It shall be the policy of Linn-Benton Community College to contract with a qualified certified public accounting firm for the performance of an annual audit and examination of the accounts and fiscal affairs of the college.

AUDIT PROCESS

  1. The Board chair will appoint and prescribe the duties for a three (3) member professional services sub-committee. These duties shall include, but are not limited to:

    1. Developing the process for selecting the auditor;
    2. Reviewing the audit contract renewal process as needed;
    3. Reviewing the annual audit with the auditor and Business Office staff, and recommending to the Board the receipt of the annual audit and noting any exceptions and auditor's recommendations.
  2. The Board will approve the contract with a qualified auditing firm on an annual basis. At least every five years the Board will open the audit position for proposals. Selection will be made on costs, qualifications, and ability to serve the needs of the college.
  3. The Board, through the professional services sub-committee, will ensure that the audit performed complies with the minimum standards set for conducting audits as prescribed by the Oregon Secretary of State.
  4. The Board will require that the auditor shall determine, as a part of the process, whether or not the college has followed generally accepted accounting practices, has established appropriate accounting systems and internal controls, and has subsequently complied with legal requirements in conducting its financial affairs.
  5. The Board will require that the formal audit report be provided to all current Board members.

DATE OF ADOPTION: 04/14/83

DATE(S) OF REVISION(S): 03/17/93, 01/19/11, 7/20/16

DATE OF LAST REVIEW: 01/19/11, 7/20/16