Here are our guiding best practices for the higher education audit committee.

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Best practices for audit committee
members of higher ed boards

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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 board
The audit committee fulfills some board
responsibilities for risk management and
financial oversight.
>> Download the guide for
boards

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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).

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

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

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Working with management
+ internal audit
The 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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