Discusses the use of undergraduate accounting students to assist the one-person internal audit department at Wright State University in Dayton, Ohio, in conducting a low-cost audit of the school. The audit, conducted as part of the accounting department's Auditing II course, helped students develop interviewing and documentation skills and…

Discusses the Sarbanes-Oxley Act of 2002, a formal response to major corporate and accounting scandals, exploring its implications for higher education and promoting it as an opportunity both to reassess best practices for audit committees and executives and to refresh the ongoing dialogue with external auditors. (EV)

Elements in the effort to make the annual Nova University (Florida) audit more time efficient included gaining agreement with the auditors for a specific closing date; coordinating efforts of various departments involved; identifying and eliminating major obstacles; streamlining procedures when needed; and continuous coordination and monitoring of…

A survey of 288 college and university auditors investigated patterns in their appointment, reporting, and supervisory practices as indicators of independence and objectivity. Results indicate a weakness in the positioning of internal auditing within institutions, possibly compromising auditor independence. Because the auditing function is…

The first two stages of the financial audit required by federal Circular A-133, for nonprofit institutions receiving $100,000 or more in federal funding and cost-type contracts, as implemented by the University of Southern California, are described. Audit observations, issues emerging from the experience, and recommendations for other colleges and…

A revision in the federal regulations governing audits of student financial aid programs will require changes in present practices concerning student aid "servicers" that administer financial aid in small institutions and may lead to modifications in servicing contracts and financial terms. The new requirements are described in detail. (MSE)

A survey of 90 colleges and universities found that 40 percent have internal audit departments. Information on auditor time allocation, salary ranges, departmental independence, and auditor roles and responsibilities was collected. A summary analysis by type of institution (large, small, research, nonresearch, public, independent, four-year,…

Describes and evaluates four alternatives for planning and budgeting for capital reinvestment for college and university facilities: physical plant auditing; a depreciation-based approach; percentage of current replacement value; and facility subsystem modeling, or life-cycle modeling. Each has advantages and limitations in budgeting for and…