Policy 7310H
BOARD AUDIT/FINANCE COMMITTEE
Reference: W.S. Statutes §16-4-121 through 16-4-123
It is the policy of the Board of Trustees to have a Board Audit/Finance Committee in place. Provisions of the Board Audit/Finance Committee are as follows.
Membership
The membership of the Board Audit/Finance Committee shall consist of four members. The Board President shall appoint three members, including two Board members and one external member from the community. The Board Treasurer shall serve as Chair of the Board Audit/Finance Committee and the College President shall be an ex-officio member.
Meetings
Meetings of the Board Audit/Finance Committee shall be called by the Committee Chairperson and one meeting shall be held at least annually. Additional meetings may be called as necessary.
Duties of the Board Audit/Finance Committee
Duties of the Board Audit/Finance Committee shall be as follows:
- Request report on internal controls from auditors and College financial executives each December
- Review potential conflict of interest matters which may affect College financial matters and bring appropriate recommendations, as needed, to the Board of Trustees
- Review and approve annual audit engagement letters submitted by the external audit firm
- Participate in a meeting with the external audit firm each year prior to the audit being presented to the Board of Trustees
- Review, on an annual basis, the performance of the external audit firm
- Make recommendations to the Board of Trustees regarding when to seek proposals from external audit firms for the College’s annual audit
- Participate in the selection process for external audit firms, typically commencing in February or March of a given year
- Conduct a review of the final annual budget and present recommendations to the Board of Trustees regarding the approval of the budget
- Review significant financial matters in preparation for Board of Trustees consideration
See Policy 7310D
Original Adoption: December 9, 2010
Revised: May 8, 2014
Revised: July 20, 2022