Audit Policy

Policy Type:

Finances

I. Policy Title: Audit

II. Who does this policy affect?

Board of Trustees

III. Purpose

To delineate the requirements for ongoing internal and annual external audits of all College records and activities to ensure appropriate oversight and compliance with all legal and regulatory requirements (MCL 389.143) and Board policies.

IV. Policy Statement

The Board of Trustees requires that an audit of all accounts of the College be made annually by an independent, certified public accountant. The audit examination shall be conducted in accordance with generally accepted auditing standards and shall include all funds over which the Board has direct or supervisory control.

The President of Henry Ford College shall file with the state all reports it requires.

V. Definitions

N/A

VI. Responsible Party for Policy Interpretation/Review

President of the College
Vice President of Financial Services

VII. Related Documents

M.C.L. 389.143

VIII. Policy History:
a. Adopted by Board: February 20, 1995
b. Previous Policy Section: Finances; Previous Policy No. 2850

Reviewed/Updated

April 17, 2023 – Approved by Board of Trustees

March 20, 2023 – Reviewed by Policy Committee and placed in new format

This policy supersedes and replaces any and all policies related to this subject

Revised Date:

Monday, April 17, 2023

Status:

Board Approved