AUI engages the services of independent public accountants to conduct an annual audit of the accounts of the Corporation in order to state their opinion as to the overall fairness of the representations contained in AUI’s Financial Statements. The following section will detail the procedures followed during the engagement of the auditors and the Audit report distribution.
- The AUI Controller recommends an external auditor to the AUI Audit Committee. The AUI Audit Committee provides oversight, on behalf of the Board, of the AUI Corporate audit activities.
- The Audit Committee reviews the selection and recommends to the Board of Trustees the appointment of the external auditor. The AUI Controller is the liaison between the AUI Audit Committee and the external audit firm. The NRAO Fiscal Officer manages the annual external audit preparation and fieldwork.
- Once the external auditors complete the audit fieldwork and prepare a draft audit report, the draft audit report is given to the Audit Committee for review and acceptance. The Audit Committee also has a private meeting with the external auditors to discuss any issues or ask questions.
- AUI has an Internal Audit function, which has a charter of purpose and reports administratively to the AUI President, and regularly reports to the AUI Audit Committee. AUI Internal Audit conducts internal audit activities as a means of determining whether activities in the AUI Corporate Office and NRAO are being executed in accordance with prescribed policies, procedures, laws and contracts.
- The AUI Controller (AUI Internal Audit Director) is responsible for management of the Internal Audit function. The AUI Internal Audit Director prepares a three-year internal audit schedule, which is presented to the AUI Audit Committee. Internal audit activities may be conducted by AUI/NRAO employees or consultants. The AUI Audit Committee provides oversight of the AUI Corporate internal audit activities.