Current through Register Vol. XLI, No. 50, December 13, 2024
Section 117-4-5 - Reports and Audits5.1 Conflicts of Interest. -- Notwithstanding any other provision of this Rule to the contrary, officers and employees of a governing board and the affected Doctoral Institution may hold appointments to offices of the Center and be members of its Governing Body or officers or employees of other entities contracting with either the Center or a governing board of a Doctoral Institution. The Governing Body shall make an annual report of these appointments to the Doctoral Institution. 5.2. General Requirements for Audits. -- The following requirements apply to audits of a Center: 5.2.a. Independent CPA. -- The certified public accountant shall be independent of the Center being examined to ensure that the audit report is impartial, in fact and in appearance.5.2.b. Working Papers; Standards. -- In performing the audit, the accountant shall prepare working papers in accordance with the generally accepted accounting and auditing standards of field work. The accountant shall retain working papers for an audit for a minimum of three (3) years from the date of the audit report, or longer if notified in writing by the Authority before the end of the three (3) year period. The audit working papers shall be made available upon written request of the Authority or the Director. The audit shall be conducted in accordance with generally accepted auditing and accounting principles and standards, and any other guidelines the Authority may prescribe.5.2.c. Report Contents. -- The audit report shall address the methods of operation and conduct of the business of the Center and report on the Center's compliance with the requirements of the Act and this Rule. Any instances of noncompliance shall be specifically cited. If the accountant finds that the Center has been in compliance, the accountant shall make a positive statement to that effect.5.2.d. Submission of Report. -- The Center shall submit to the applicable Governing Entity and the Authority three (3) certified copies of the audit report no later than ninety (90) days from the end of each State fiscal year, together with three copies of a descriptive narrative of the Center's activities, its methods of operation of the Center and three (3) copies of the Center's financial statements.5.2.e. Other Requirements. -- The Authority may dictate other audit requirements from time to time.