Specifications include, but are not limited to: The successful proposer will perform an examination of the financial statements of the University of Louisville and its affiliated and related corporations in compliance with generally accepted auditing standards for the purpose of expressing an opinion. The auditor will report to management any weaknesses in controls, procedures, and policies and any instances of noncompliance with applicable laws and regulations. I. Reports to be provided each year include: a. University of Louisville Report on examination of consolidated financial statements Report on compliance with provisions of House Bill 622 Report on Lease Law Compliance Single Audit Report and Schedule of Expenditures of Federal Awards b. University of Louisville Athletic Association, Inc. Report on examination of financial statements Report on compliance with NCAA requirements relating to activities of revenues and expenses, as updated by NCAA amendments. c. University of Louisville Research Foundation, Inc. Report on examination of financial statements d. Management letter(s) for above entities Special audits or agreed‐upon procedures may be requested from time to time as an extension of the annual financial statement audit. Examples might include audits of specific sponsored projects required under the terms of an award. In these instances, separate fee arrangements will be made based on the rate structure in place for the comprehensive annual audit. The auditor’s report and management letter for each entity will be reviewed with the financial staff of the University prior to the release of the statements. Financial statements and management letters will be presented to the audit or finance committee and board of each entity.
