Policy 3160B
INDEPENDENT AUDITS
Effective Date
July 1989
Last Revision Date
March 2026
Policy Owner
Vice President of Administrative Services
Additional Authority
WYO. STAT. §16-4-121 (a) through (g), 21-18-204 (b)
1. Policy & Purpose
It is the policy of the Board of Trustees that the College’s funds be audited annually by an independent, qualified public accounting firm in accordance with Generally Accepted Auditing Principles (GAAP).
Last Review Date: March 2026
History
Adopted: July 19, 1989
Reformatted: April 20, 2010
Revised: January, 2013
Reformatted: September 24, 2020
Revised: March 12, 2026
Procedure 3160B
INDEPENDENT AUDITS
Effective Date
July 1989
Last Revision Date
March 2026
Policy Owner
Vice President of Administrative Services
1. Procedure
The firm retained to conduct the audit will work directly for, and report to, the Board of Trustees through the Board Audit Committee. The audit must comply with all regulations set forth by the Wyoming Community College Commission and any state and federal agencies over seeing College audits.
Periodically, at the request of the Board Audit Committee, the Vice President of Administrative Services will issue Requests for Proposals (RFPs) for audit services. The Board may engage a firm for a multi-year period to perform the annual audit.
Once the audit is complete, the audit reports will be reviewed by the Board Audit Committee and formally accepted by the Board of Trustees. Representatives of the auditing firm will meet with both the Board Audit Committee and the Board of Trustees to discuss the findings. Accepted recommendations from the firm should be implemented promptly. The Vice President of Administrative Services will report to the Board on the progress of compliance with these recommendations.
In addition to regular, annual audits, the Board of Trustees may engage a special audit firm for purposes it deems appropriate.
Last Review Date: March 2026
History
Adopted July 19, 1989
Revised April 20, 2010
Revised September 12, 2013
Revised: March 12, 2026