Audit committee work within the higher education institution offers an overview of the purposes, functions and roles of an effective higher education audit committee and its members.

1. audit
committee
work within the
higher
education
institution

2.  Theboard
 The managementteam
 The internal auditdepartment
2© 2016 Grant Thornton LLP. All rights reserved.
An effective audit committee works with a
variety of groups within the college or
university:

3. Prospective members must
understand their role in each
relationship
3© 2016 Grant Thornton LLP. All rights reserved.

4. The audit committee and the board
The audit committee fulfills some of the board's
responsibilities for risk management and
financial oversight.
Want more details?
>> Download the guide
4© 2016 Grant Thornton LLP. All rights reserved.

5. The audit committee and management
5© 2016 Grant Thornton LLP. All rights reserved.
Management creates and maintains internal
controls. The audit committee must understand if
they're designed andimplemented
adequately — supported by internal and external
auditors' findings and recommendations.

6. The audit committee and internal audit
6© 2016 Grant Thornton LLP. All rights reserved.
The audit committee should work with
internal auditors in much the same way as with
external auditors.
And internal audit should be directly
accountable to the audit committee.

7. The audit committee and other groups
While working collaboratively with
management, and internal and external
auditors, the audit committee is
7© 2016 Grant Thornton LLP. All rights reserved.
independent of each of thesegroups
and must come to its own conclusions.

8. See our higher education audit committee
+ board guidebooks for
grantthornton.com/higheredauditguide
roles, responsibilities and operating procedures.
Download the guide
Don’t miss out! Subscribe for email updates.
Check out the guide for boards
8© 2016 Grant Thornton LLP. All rights reserved.

9. We want to hear from you!
Tell us what you think about this content.
Take this short survey.