/Institutions/University-of-Dubai/json/2024-2025/Policy-and-Procedure-Manual-local.json

/Institutions/University-of-Dubai/json/2024-2025/Policy-and-Procedure-Manual.json

Policy and Procedure Manual 2024-25 > Fiscal Resources and Financial Management and Budgeting > External Audit Policy

External Audit Policy

Policy 

1. The University financial statements are  subjected to an external audit review on an annual basis.   

2. The Finance Director of DC  solicits bids for external audit services once every five years. The bids are revised by the Audit Committee, which makes its recommendation to the BOT for final selection. 

3. The external audit firm shall be rotated every five years.  

4. Once appointed, the auditing company shall notify the UD President through formal communication of the upcoming audit date along with the required documentation. Upon accepting the proposed date, the UD President shall notify the UD’s Finance Manager through the Office of the DOA. 

5. The Finance Manager of UD shall provide the external auditors with access to all records that are relevant to the audit, except those deemed by to be legally privileged or protected. UD shall also facilitate the site visit and desk audit.  

6. The process starts with an opening meeting by the auditing team with UD’s management in the presence of the Finance Manager to discuss the scope of the audit, available resources, timeline and other concerns.  

7. The auditing team may interview staff, review procedure manuals and business processes, test compliance, and assess the adequacy of internal controls. 

8. The auditing team may share with UD management a draft report of the audit report detailing observations and findings at the completion of fieldwork so that the final report should not hold any surprises. 

9. The UD’s Finance Manager shall prepare responses and/or corrective action plan(s) in response to the auditor’s draft report.  

10. A final audit report that includes UD responses is typically discussed in a scheduled exit meeting with the UD management to ensure that all parties involved are aware and understand the conclusions and planned management actions. 

11. The UD management shall make the necessary efforts to implement the recommendations within six months of the issue date of the report. 

The external audit firm must meet  at least one time a year with the Audit Committee to discuss any related details at the discretion of the Committee.