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© 2016 Grant Thornton LLP. All rights reserved. 1
Best practices for audit committee
members of higher ed boards
© 2016 Grant Thornton LLP. All rights reserved. 2
An audit committee exists
to help the board of trustees
maintain the institution’s
integrity, financial
credibility +
viability
© 2016 Grant Thornton LLP. All rights reserved. 3
The audit committee instills stakeholder
confidence in the institution’s financial and tax
status, internal controls, risk management
and compliance procedures.
Members work with various groups
and must understand all relationships
© 2016 Grant Thornton LLP. All rights reserved. 4
Working with the board
The audit committee fulfills some board
responsibilities for risk management and
financial oversight.
>> Download the guide for
boards
© 2016 Grant Thornton LLP. All rights reserved. 5
Working with management
The audit committee must understand if
management's internal controls are
adequately designed and implemented
(supported by findings + recommendations
from internal + external auditors).
© 2016 Grant Thornton LLP. All rights reserved. 6
Working with internal audit
The audit committee must have much the
same relationship with internal audit as
it has with external audit.
© 2016 Grant Thornton LLP. All rights reserved. 7
Working with internal audit
The audit committee must be both collaborative
with and independent of management + internal
audit (+ external audit).
© 2016 Grant Thornton LLP. All rights reserved. 8
Working with management
+ internal audit
The audit committee must be both collaborative
with and independent of management +
internal audit (and external audit).
© 2016 Grant Thornton LLP. All rights reserved. 9
See our audit committee + board guidebooks for
roles, responsibilities and operating procedures.
Download the guide
grantthornton.com/higheredauditguide
Don’t miss out! Subscribe for email updates.
Check out the guide for boards
© 2016 Grant Thornton LLP. All rights reserved. 10
We want to hear from you!
Tell us what you think about this content.
Take this short survey.

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Best practices for audit committee members of higher ed boards

  • 1. © 2016 Grant Thornton LLP. All rights reserved. 1 Best practices for audit committee members of higher ed boards
  • 2. © 2016 Grant Thornton LLP. All rights reserved. 2 An audit committee exists to help the board of trustees maintain the institution’s integrity, financial credibility + viability
  • 3. © 2016 Grant Thornton LLP. All rights reserved. 3 The audit committee instills stakeholder confidence in the institution’s financial and tax status, internal controls, risk management and compliance procedures. Members work with various groups and must understand all relationships
  • 4. © 2016 Grant Thornton LLP. All rights reserved. 4 Working with the board The audit committee fulfills some board responsibilities for risk management and financial oversight. >> Download the guide for boards
  • 5. © 2016 Grant Thornton LLP. All rights reserved. 5 Working with management The audit committee must understand if management's internal controls are adequately designed and implemented (supported by findings + recommendations from internal + external auditors).
  • 6. © 2016 Grant Thornton LLP. All rights reserved. 6 Working with internal audit The audit committee must have much the same relationship with internal audit as it has with external audit.
  • 7. © 2016 Grant Thornton LLP. All rights reserved. 7 Working with internal audit The audit committee must be both collaborative with and independent of management + internal audit (+ external audit).
  • 8. © 2016 Grant Thornton LLP. All rights reserved. 8 Working with management + internal audit The audit committee must be both collaborative with and independent of management + internal audit (and external audit).
  • 9. © 2016 Grant Thornton LLP. All rights reserved. 9 See our audit committee + board guidebooks for roles, responsibilities and operating procedures. Download the guide grantthornton.com/higheredauditguide Don’t miss out! Subscribe for email updates. Check out the guide for boards
  • 10. © 2016 Grant Thornton LLP. All rights reserved. 10 We want to hear from you! Tell us what you think about this content. Take this short survey.