1. The selected auditing firm will prepare the following audit reports: a. An annual audit report containing Truman State University’s financial statements. These financial statements represent a consolidated presentation comprised of both Truman State University’s and the Truman State University Foundation’s financial information (Truman Provided Exhibit A). b. An annual uniform guidance single audit report for Truman State University in accordance with the compliance requirements described in the U.S. Office of Management and Budget (OMB) Compliance Supplement(s) (Truman Provided Exhibit B). c. An annual audit report containing the Truman State University Foundation’s financial statements. The Truman State University Foundation requires separate audited financial statements apart from Truman State University (Truman Provided Exhibit C). d. An annual audit report of the Truman State University Housing System Revenue Bond Fund. This audit report fulfills Truman State University’s revenue bond reporting requirements (Truman Provided Exhibit D). e. An agreed upon procedures report for Truman’s NCAA Athletic operations completed every three (3) years (Truman Provided Exhibit E). 2. Audit work will be performed in accordance with generally accepted auditing standards, Government Accounting Standards Boards (GASB) audit requirements, the U.S. Office of Management and Budget Uniform Guidance, and any other applicable standards specific to higher education institutions and/or non-profit entities. 3. The selected auditing firm will submit its opinion concerning whether Truman’s financial statements are presented fairly, in all material respects to the financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. 4. The selected auditing firm will meet annually with both the Truman State University Board of Governors and the Truman State University Board of Directors in committee and general session before the audit commences to preview the audit process and after the audit process is complete to present results: a.Preview for all audit reports: April Board and Committee Meetings. b.University and Foundation reports: October Board and Committee Meetings. c.Single, Housing System Revenue Bond Fund and NCAA reports: December Board and Committee Meetings. 5. Historically, the selected auditing firm has been actively engaged with Truman personnel for six (6) weeks per year. These dates during fiscal year 2024 were as follows: May 28 - June 6, August 12-30; and October 21-24. Generally, engagement dates will adhere to the following calendar: a. Single Audit and Interim Procedures: Last week of May and first week of June. b. Fiscal Year-End Fieldwork: Three (3) weeks in August. c. Revenue Bond Procedures: One (1) week in October.
