289.0 VIII-7.20 - POLICY ON EXTERNAL AUDITS
(Approved by the Board of Regents, July 26, 1990)
1. There shall be an annual consolidated financial audit of
institutions and components of the University of Maryland
System and other audits as required by external entities.
2. An institution or component shall not obtain audit services
without the prior approval of the Chancellor.
3. The Chancellor shall ensure that all institutions and
components are included in the annual consolidated financial
audit, that consolidated financial reports are prepared and
issued on a timely basis, that a management letter is
obtained from the auditor, and that responses thereto are
coordinated on behalf of the System and presented to the
Finance Committee of the Board of Regents for review.
4. Each audit report of an institution or component shall be
submitted to and retained by the Chancellor.