ERIC Number: ED486393
Record Type: Non-Journal
Publication Date: 2004
Reference Count: 7
The Audit Committee. Board Basics
Ostrom, John S.
Association of Governing Boards of Universities and Colleges
The Effective Committees set of booklets comprises publications on the following committees: investment, buildings and grounds, academic affairs, student affairs, finance, development, trustees, audit, compensation, and executive. It is part of the AGB Board Basics Series. This report describes the primary role of an audit committee. The primary responsibility of the audit committee is to provide oversight of the institution's financial practices, internal controls, financial management, and standards of conduct. Specifically, the committee is responsible for: (1) reviewing and understanding financial statements; (2) assuring the board that the statements reflect the institution's financial condition; (3) determining the adequacy of internal controls, including those established for financial information systems; (4) assuring the board that any significant noncompliance with regulatory matters has been brought to their attention; and (5) ensuring adherence to the institution's conflict-of-interest policy.
Descriptors: Money Management, Committees, Information Systems, Financial Audits, Governing Boards, Educational Finance, Compliance (Legal), Higher Education
Association of Governing Boards of Universities and Colleges. 1133 20th Street NW Suite 300, Washington, DC 20036. Tel: 800-356-6317; Tel: 202-296-8400; Fax: 202-223-7053; Web site: http://www.agb.org
Publication Type: Reports - Descriptive
Education Level: N/A
Authoring Institution: Association of Governing Boards of Universities and Colleges, Washington, DC.