REPORTING PROCEDURES

Draft Report

Audit reports are normally prepared in draft form in order that they may be initially reviewed with the auditee prior to the issuance of a final audit report. The Chief Audit Executive reviews the draft report with the appropriate Vice Presidents or their designee.

Corrective Action Response

The auditee is required to submit a written corrective action response to Audit and Advisory Services within twenty working days from the audit report date. The response is included in the final audit report submitted to the Audit & Compliance Committee of the Board of Trustees and states the corrective action proposed and/or taken, including a timetable for carrying out the corrective actions.

Follow-up

At periodic meetings, Audit and Advisory Services will present a status report concerning implementation of the corrective actions recommended by Audit and Advisory Services.