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Handbook of Business Procedures

Date published: 
Last revised: 
Issued by: 

Sep. 9, 2009
Sep. 9, 2009
Risk Management

 

Part 19. Risk Management - Table of Contents


19.3. AUDIT LIAISON

The audit liaison function was created to assist and support management in responding effectively to internal and external auditors and other state and federal regulatory agencies.

The audit liaison's role and responsibilities include the following:

  • Provide support and assistance during a financial audit or review.
    • Along with management, attend various audit meetings including entrance conferences, status meetings, and exit conferences.
    • Facilitate and communicate requests for information between the financial auditors and The University of Texas at Austin; serve as points-of-contact regarding the overall audit process.
    • Review externally prepared drafts of audit reports for accuracy and completeness; work with auditors to recommend corrections as needed.
    • Assist management with the review of and response to audit findings and recommendations, ensuring that responses are accurate, comprehensive, and accurately reflect the position of the university.
    • Assist management in developing strategies for effective and efficient implementation of audit recommendations; they communicate with management regarding the progress of the implementation.
  • Provide audit status updates to executive management as needed.
  • Assist management with the implementation of internal control and process improvements as requested.
  • Facilitate annual financial report compliance requirements as defined by The University of Texas System's policies and procedures.

 

 

Part 19. Risk Management - Table of Contents