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© 2016 Grant Thornton LLP. All rights reserved. 1 Best practices for audit committee members of higher ed boards
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© 2016 Grant Thornton LLP. All rights reserved. 1
Best practices for audit committee members of higher ed boards
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An audit committee exists to help the board of trustees maintain the institution’s integrity, financial credibility + viability
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The audit committee instills stakeholder confidence in the institution’s financial and tax status, internal controls, risk management and compliance procedures.
Members work with various groups and must understand all relationships
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Working with the boardThe audit committee fulfills some board responsibilities for risk management and financial oversight.
>> Download the guide for boards
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Working with managementThe audit committee must understand if management's internal controls are adequately designed and implemented (supported by findings + recommendations from internal + external auditors).
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Working with internal auditThe audit committee must have much the same relationship with internal audit as it has with external audit.
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Working with internal auditThe audit committee must be both collaborative with and independent of management + internal audit (+ external audit).
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Working with management + internal auditThe audit committee must be both collaborative with and independent of management + internal audit (and external audit).
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See our audit committee + board guidebooks for roles, responsibilities and operating procedures. Download the guide
grantthornton.com/higheredauditguide
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Check out the guide for boards
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