Executive Policy 8.204 Executive Policy 8.204

University Audits

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

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

No policy specific or unique definitions apply.

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.

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

Office of the Vice President for Budget and Finance at telephone number 956-8903

    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

No Exhibits and Appendices found

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