DATE OF ADOPTION: January 23, 2003
RELATED ADMINISTRATIVE RULES AND REGULATIONS: Policy III-1-2 “Financial Accounting System”
Recognizing the critical importance of proper financial management of the College, and the oversight responsibility of the SSC Board of Regents, an Audit Committee will be appointed annually by the Chair of the Board.
The Audit Committee will work with the President in reviewing financial matters of the institution. The Committee will serve in an advisory capacity to the full Board of Regents.
The specific duties of the Audit Committee include:
- providing assistance and guidance in the selection of auditors in accordance with Board policy;
- meeting with the auditors to establish the scope of work to be conducted in regard to the annual external audit and periodic audits for internal management purposes of the College;
- meeting with the President and auditors following the completion of the annual audit to discuss findings;
- providing an avenue of direct communication between the auditors and the Board;
- reporting to the full Board on the findings of the external and internal audits.
Meetings of the Audit Committee will be documented and kept on file in the Office of the President.