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Records provided by the assoc VP for Internal Audit and Management

By Charlie Cunningham,2014-05-17 23:08
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Records provided by the assoc VP for Internal Audit and Management

    UWF Finance, Administration & Audit Committee

    Charter

Purpose

    One standing committee of the UWF Board of Trustees will be known as the Finance, Administration and Audit Committee. This committee’s primary purpose will be to assist the Board in its oversight

    responsibilities relating to: the integrity of the University’ financial reporting process, the systems of internal

    control, the independence and performance of the audit process and UWF’s process for monitoring

    compliance with laws, regulations and the code of conduct. In doing so, these key principles will be used:

    ? Diligent and knowledgeable members regarding financial areas ? Independent communication with UWF management

    ? Independent audit communication and information flow

    ? Monitoring the financial reporting and audit processes

The Committee serves as the focal point of communication between the Board of Trustees, the

    Administrative Affairs division, the Internal Auditing & Management Consulting department, external auditors, and state and federal agency auditors. The liaison to the UWF BOT Executive Committee is the chairman of the Finance, Administration and Audit Committee. This committee shall take all appropriate actions to set the overall university tone for quality financial reporting, sound business practices, and ethical behavior.

Composition

    The committee will be comprised of four (4) trustees. The members will be free from any financial, family or other material personal relationship that would impair his or her independence from the management of the university. A majority of the members should be financially literate and, if possible, at least one member should be a financial expert. ‘Financial literacy’ is being able to read and understand fundamental financial

    statements. ‘Financial expert’ means a person who has one or more of the following: an understanding of generally accepted accounting principles and financial statement; experience in applying such principles; experience in preparing or auditing financial statements; experience with internal controls; and an understanding of finance and audit committee functions.

Meetings

    The committee shall meet at least four (4) times annually. Additional meetings may be held as the circumstances dictate. The meetings will be open to the public. The committee will invite members of management, auditors, or others to attend meetings and provide pertinent information.

    Exemption from Public Meetings

    The Finance, Administration and Audit Committee and Board of Trustees meetings

    are confidential and exempt from the public when these meetings address areas that

    are of a sensitive nature concerning individuals or on-going investigations pursuant to

    Sections 119.07 (3)(w); 119.07 (3)(y); 112.3187 and 112.3188, and 286.0111, Florida

    Statutes.

Responsibilities and Duties

    The committee’s policies and procedures will remain flexible to best react to changing conditions and provide reasonable assurances to the Board that the financial reporting, the scope of audit services and the adequacy of the internal control system ensures compliance with state and federal laws, regulations and requirements. The committee shall make reports to the Board as it deems necessary.

Responsibilities of the Committee include:

    General

    ? Adopt a formal, written charter that is approved by the full UWF Board of Trustees specifying the scope

    of responsibility, process, membership, etc. The charter will be reviewed as necessary, but at least

    every two years.

    ? Maintain minutes and records of the meetings and activities.

    ? Conduct or authorize investigations into matters within the Committee’s scope of responsibilities.

    ? Report Committee actions to the Board with such recommendations the Committee may deem

    appropriate.

    ? Perform other governance oversight as assigned by the Board.

Financial Statements

    Management is responsible for the preparation, presentation and integrity of the University’s financial

    statements and for the appropriateness of the accounting principles and reporting policies used by UWF.

    The following will be the responsibilities and duties of the Committee:

    ? Review the results of the annual financial statement audit with management and the external auditors,

    to determine the independent auditors are satisfied with the disclosure and content of the financial

    statements, application of conservative accounting principles and approve such financial statements. ? Review significant accounting and reporting issues, including complex or unusual transactions and

    highly judgmental areas, and recent professional and regulatory pronouncements, and understand their

    impact on the financial statements.

    ? Require financial management and the independent auditor to discuss with the Committee their

    qualitative judgments about the appropriateness, not just acceptability, of accounting principles and

    financial disclosure practices used or proposed to be adopted by the university. ? Review the audit report on Federal Awards as required by OMB Circular A-133. ? Review all matters required to be communicated to the Committee under generally accepted auditing

    standards with management and the external auditors.

    ? Understand how management develops financial information and the nature and extent of the

    involvement of internal and external auditors.

    ? Review, accept and recommend to the Board approval of the annual audit reports of direct support and

    affiliated organizations.

Internal Control

    ? Consider the effectiveness of the university’s internal control system, including information technology

    security and control.

    ? Understand the scope of internal and external auditors’ review of internal control over financial reporting,

    and obtain reports on significant findings and recommendations, together with management reports.

External/Independent Auditors

Currently, the Office of Auditor General performs the financial audits of the University of West Florida.

    Procurement of external accountants for direct support organizations and other related organizations

    (affiliated organizations) falls under the oversight these organizations’ Board of Directors. Copies of the

    independent auditor’s reports for direct support organizations are to be submitted to the UWF BOT Finance,

    Administration and Audit Committee.

Internal Audit

    ? Approve the appointment, reassignment, replacement, or dismissal of the associate vice president for

    Internal Auditing and Management Consulting (IAMC).

    ? Approve requests for accounting and auditing services through the Chairman of the Executive and

    Audit Committee.

    ? Review and approve the IAMC department's charter, the annual internal audit plan (and any significant

    changes), staffing needs, and budget requirements.

    ? Ensure IAMC has sufficient independence to conduct audits without management interference. ? Review all significant findings and recommendations noted by internal auditors or external auditors. ? Meeting periodically with appropriate members of the University administration, IAMC, and independent

    auditors to discuss and evaluate the scope and results of audits and the University's accounting

    procedures and controls.

    ? Receive and review all outside audits of the University or University-related organizations. ? Review the effectiveness of the internal audit function, including compliance with the Institute of Internal

    AuditorsStandards for the Professional Practice of Internal Auditing.

    ? On a regular basis, meet separately with the associate vice president of IAMC to discuss any matters

    that the Committee or internal audit believes should be discussed privately.

    ? Require the associate vice president for IAMC to report annually on the activities of the office. ? Annually review the staffing levels to fulfill the plans and mission as well as the adequacy of audit staff

    qualifications and training.

    ? Review on an annual basis the NCAA compliance program of the Intercollegiate Athletics Department

    and academic progress reports of student athletics.

Committee members 2003/04: Committee members 2004/05:

    KC Clark, Chairman Sharon Hess-Herrick, Chairman

    Lornetta Taylor Epps Lornetta Taylor Epps

    Marny Gilluly Nancy Fetterman

    Sharon Hess-Herrick Marny Gilluly

     J.T. Young

    University staff liaisons:

    ? Vice President for Administrative Affairs or designee

    ? Associate Vice President for Internal Auditing & Management Consulting or designee

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