4. The College’s recommendation for the Audit Committee to act on an initial contract award will be submitted by February; the recommendation for an extension to a previously awarded contract will be submitted by December. 5. The contract for the audit may be declared null and void at the option of the Audit Committee in the event the Legislative Auditor submits notification of an intent to conduct the required annual audit of the College. 6. The auditing contract will make allowance for the completion of field work and the preparation of required reports in sufficient time for the College to meet dates specified in the request for proposal. 7. Pre-audit and post-audit conferences with the auditors will be arranged to discuss areas of mutual concern. 8. The lead audit partner and the reviewing audit partner of the public accounting firm to be rotated off the audit every six years with a two-year “time-out” period. 9. The engagement of an audit firm, which employed the President, Vice-President of Administration and Finance or the Director of Finance during the one-year period preceding the audit is prohibited. 10. Unless approved in advance by the Audit Committee, the independent public accountants are prohibited from engaging in non-audit services extendingbeyond what is specifically outlined within the contract. This does not include providing basic advice on accounting matters.
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