CDC LOCAL

ACCOUNTING: AUDITS

The Board shall select an auditing firm for a designated period through a Request for Proposal (RFP) or an engagement letter that outlines the Board’s expectations for the annual audit and ensures that the audit firm follows the guidelines and standards of the American Institute of Certified Public Accountants (AICPA) and the Governmental Accounting Standards Board (GASB).

The annual audit of all funds shall be made to determine:

1. The adequacy of the Board’s fiscal policies;

2. The execution of those fiscal policies; and

3. A check and review of the College District’s fiscal actions for the preceding year.

A comprehensive audit report of all funds and accounts of the College District, including a management letter, shall be submitted annually to the Board. A copy of the independent audit shall become a part of the Board’s official minutes and shall be available to the public for inspection during regular office hours.

Periodically, the College President shall submit reports to the Board evaluating the work of the College District’s auditor.

The Vice President of Business Affairs is responsible for reviewing and updating this policy. Policy reviews are made in accordance with the Office of Institutional Effectiveness Policy Tracking document.

DATE ISSUED: 4/2/2018

ADOPTED: 02/2025

UPDATED 34

CDC (LOCAL) - AJC