The College’s book of accounts shall be audited a minimum of once every two years or as required by the State Board. The College may use state funds to contract with the North Carolina State Auditor or with a certified public accountant to perform the audit. The College shall submit the results of the audit to the State Board. The audit provides assurances that departments are complying with internal and external policies, procedures and regulations as well as verifying that financial statements and required reporting is completed in a timely and accurate manner. The objective of a financial statement audit is to determine whether an agency’s financial statements are fairly presented. The audit does not determine with absolute certainty that the financial statements are totally correct. Rather, the audit provides reasonable assurance that the financial statements are not wrong by an amount so large that it would mislead someone using them to make an important decision about the organization’s financial situation.
Additionally, all state fund reports are submitted monthly to the North Carolina Community College System’s finance office. These reports are reviewed and reconciled prior to the release of state funds for the subsequent months.
Nothing herein would prohibit the President from requesting a special audit of the College’s accounting records by an outside agency. The President is also authorized to develop procedures regarding internal controls to ensure that there are adequate controls in place to promote efficiency and protect the College’s assets.