The Board of Trustees will retain certified public accountant services to perform an annual audit as stated in Title 16 of the Annotated Code of the State of Maryland, from a firm with operations in Maryland and experience in education. Selection of a firm will be conducted in accordance with the procedure, 62.05AB.01 – General Solicitation.
The college shall bid for services every three years and have the option to extend the bid for two additional years. However, the contract with the audit firm can only be one fiscal year at a time.
The board will award the contract for one fiscal year and will authorize the president to extend the contract one fiscal year at a time for four additional fiscal years provided that funds have been authorized, the quality of past services has been acceptable to the college, and the fee for the extended contract is considered reasonable by the college. If the firm is retained longer than three years the lead/coordinating and reviewing partners, shall remove themselves from the audit team for two years.
The administration shall not contract with the audit firm for additional financial services without prior approval of the board. This restriction does not apply to tax services.
The external auditor shall make the board aware of any material complaints received on accounting, internal controls, and auditing matters and the findings related to these complaints.
Policy Manual Review/Revision: 07/01/10