External Audit Activity Policy Revised

UB Seal on Crosby Hall.

Published April 27, 2017 This content is archived.

The External Audit Activity Policy, approved and signed by President Tripathi, is available in the University Policy Library

Overview

Print

The University at Buffalo may need to contract with an external audit firm and/or may be the subject of an external audit. In situations involving non-UB auditors, the Director of Internal Audit is the designated point of contact. In addition, when a UB department contracts with an external audit firm, the Director of Internal Audit must be included in the Request for Proposal (RFP) and selection process to ensure that the audit firm is appropriately vetted, the scope of the work is clearly defined, and unnecessary overlap and redundancies are prevented.

When a state or federal agency initiates an audit, university employees are expected to fully cooperate with and assist external auditors. The Director of Internal Audit will support UB employees during external audit activity to:

  • facilitate the audit and help with understanding the objectives and scope
  • monitor progress and assist the auditors in achieving legitimate objectives with the least impact on university operations
  • report results and assure the appropriateness of university audit responses.

The university will provide external auditors with access to all records that are relevant to their work on a timely basis, except those deemed by the university to be legally privileged or protected. 

Policy Revisions

Revisions reflect the:

  • requirement that Internal Audit must be apprised of all situations involving non-UB auditors and included in the RFP and selection process
  • requirement that the audit engagement partner be rotated every five years and the audit engagement firm every ten years
  • requirement to provide the Director of Internal Audit with a copy of all final external audit reports and management letters
  • responsibilities for Procurement related to contracts, requests for proposal, and waivers of the ten year audit firm rotation
  • change in responsibility from the Associate Vice President and Controller to the Director of Internal Audit. 

Applicability

This policy applies to:

  • any examination, audit, investigation, consultation, or review performed by an agency, company, consultant, or other organization or individual outside of the university for the purpose of assessing operational or financial effectiveness, legal or regulatory compliance, information technology and cybersecurity matters, and conformance with contractual obligations
  • external audit activity initiated by external agencies, and audits and consulting services contracted by UB
  • all campus related organizations (e.g., state, Research Foundation (RF), University at Buffalo Foundation, Campus Dining and Shops, clinical practice plans, student organizations, and other related entities)

This policy does not apply to requests for information related to complaints or freedom of information law (FOIL) received by or forwarded to the university. It also excludes academic and accreditation reviews as well as specialized inspections such as building, fire, safety, and food service.

Guidance

Questions can be directed to Internal Audit at 716-829-6950.