Audit Procedure - 62.03.01
College Policy Number/Title:
In compliance with Maryland State law, Howard Community College engages in an annual audit process that is performed by an external auditing firm. The award of the audit engagement and the related agreement between the college and the selected auditing firm adheres to the following specifications: (a) that the audit will be conducted in full conformity with the audit requirements set forth by the Maryland Higher Education Commission (MHEC), and (b) that the contract for the audit may be declared null and void at the option of the college’s board of trustees, in the event the legislative auditor of the State of Maryland submits notification of an intent to conduct the required annual audit of the college. The written agreement between the college and the auditing firm will include fieldwork, preparation of the required reports and appropriate responses by the college, and the filing of such reports and responses with MHEC.
Prior to engaging in the audit, the auditing firm will verify that the president, vice president of administration and finance, associate vice president of finance, directors in finance and procurement, or any person in an equivalent position was not employed by the audit firm during the preceding year of the audit.
During the course of the audit, all material communications with the college and the auditor will go to the board chair with a copy to the college’s management. Management will continue to work closely with the auditors to ensure assertions in material matters are accurate before reporting information directly to the board.
The college must comply fully with the required report filing dates specified in the Maryland State audit guidelines. Any anticipated delay that would cause noncompliance with the filing dates must be brought promptly to the attention of the president in writing by the vice president of administration and finance in order to resolve the anticipated delay or propose to the president that an extension of filing time be requested of MHEC.
Effective Date: 09/10/21
President's Office Use: VPAF/PRES