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Executive Policy 8.204 Executive Policy 8.204



Title




University Audits

Header

Executive Policy Chapter 8, Business and Finance
Executive Policy EP 8.204, University Audits
Effective Date:  October 2014
Dates Amended:  June 1980
Responsible Office:  Office of the Vice President for Budget and Finance/Chief Financial Officer
Governing Board of Regents Policy:  RP 2.202, Duties of the President
Review Date:  August 2018

I. Purpose

To establish a broad framework and guidance relating to University audits.

II. Definitions

No policy specific or unique definitions apply.

III. Executive Policy

It shall be the responsibility of the University management to establish and maintain effective internal financial controls and for the preparation of financial statements for the University.  The Vice President for Budget and Finance/Chief Financial Officer shall be responsible for providing leadership in the development of financial controls and financial statements.

Further the Vice President for Budget and Finance/Chief Financial Officer shall serve as the President’s designee to work with the Independent Audit Committee and the Internal Auditor in the planning and coordination of internal and external audits to include advising in collaboration with other Vice Presidents on the appointment of auditors in accordance with applicable procurement laws and regulations. 

To support the efforts of the Independent Audit Committee of the Board of Regents as prescribed by Section 304A-321, Hawai‘i Revised Statutes to review external and internal audits of the University including any significant findings and recommendations of the external and internal auditors, the Vice President for Budget and Finance/Chief Financial Officer shall provide information, support, and shall liaise and coordinate follow-up with Vice-Presidents and Chancellors, or their designees, who shall be responsible for responding to and/or implementing remedies in their respective scopes of responsibility to the auditors' recommendations accepted by the University.

All costs that may be associated with an audit, as determined by the President or designee, shall be apportioned among audit examinees, who shall collaborate in timely funds transfers.

IV. Delegation of Authority

Delegates the implementation of this executive policy to the Vice Presidents and Chancellors referred to in the policy.

V. Contact Information

Subject Matter Experts
 Howard Todo
 htodo@hawaii.edu
 956-8903
 
Office of the Vice President for Budget and Finance at telephone number 956-8903 or at email htodo@hawaii.edu

VI. References

    A. Hawai‘i Revised Statutes 304A-0321 http://www.capitol.hawaii.gov/hrscurrent/Vol05_Ch0261-0319/HRS0304A/HRS_0304A-0321.htm

    B. Link to superseded Executive Policies in old format https://www.hawaii.edu/policy/archives/ep/

    C. Link to Administrative Procedures in old format https://www.hawaii.edu/policy/archives/apm/sysap.php

VII. Exhibits and Appendices

No Exhibits and Appendices found

Approved

    Signed    
    David Lassner    
    October 31, 2014    
    Date    
    President

Topics

No Topics found.


Attachments

None