best practices for audit committee members of higher ed boards

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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

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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

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Working with the boardThe audit committee fulfills some board responsibilities for risk management and financial oversight.

>> Download the guide for boards

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Working with managementThe audit committee must understand if management's internal controls are adequately designed and implemented (supported by findings + recommendations from internal + external auditors).

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Working with internal auditThe audit committee must have much the same relationship with internal audit as it has with external audit.

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Working with internal auditThe audit committee must be both collaborative with and independent of management + internal audit (+ external audit).

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Working with management + internal auditThe audit committee must be both collaborative with and independent of management + internal audit (and external audit).

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See our audit committee + board guidebooks for roles, responsibilities and operating procedures. Download the guide

grantthornton.com/higheredauditguide

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Check out the guide for boards

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