Policy Title 1.6: Audit of College Funds
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Purpose:
Independent auditors selected by the College District must perform an annual financial and compliance audit. Auditors selected shall conduct the audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; the provisions of the Single Audit Act, the audit requirements of Subpart F of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal Awards (Uniform Guidance); U.S. Office of Management and Budget (OMB) Compliance Supplement; applicable Wyoming Statutes; and recognized industry standards (including the guidance provided in the audit guide titled Compliance Supplement for Audits of Institutions of Higher Learning and other Non- Profit Institutions issued by the National Association of College and University Business Officers’ Publication, College and University Business Administration and the Governmental Accounting Standards Board). Auditors shall further adhere to reporting requirements of cognizant funding agencies, National Association of College and University Business Officers (NACUBO), Wyoming Community College Commission (WCCC), and Wyoming Department of Audit.
Original Adoption Date: 3/16/99
Revision Date(s): 11/8/05(RF), 5/11/15, 12/12/17
Date(s) reviewed, no change: