guide for members of audit committees at higher education institutions

© 2016 Grant Thornton LLP. All rights reserved. 1

Best practices for audit committees working with higher education boards


An audit committee exists to help the board of trustees maintain the institution’s integrity, financial credibility + viability


The audit committee instills stakeholder confidence in the institution’s financial and tax status, internal controls, risk management and compliance procedures

Members work with various groups and must understand all relationships


Working with the boardThe audit committee fulfills some board responsibilities for risk management and financial oversight.

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Working with managementThe audit committee must understand if management's internal controls are adequately designed and implemented (supported by findings + recommendations from internal + external auditors)


Working with internal auditThe audit committee must have much the same relationship with internal audit as it has with external audit.


Working with internal auditThe audit committee must have direct accountability from internal audit.


Working with management + internal auditThe audit committee must be both collaborative with and independent of management + internal audit (and external audit)


See our audit committee + board guidebooks for roles, responsibilities and operating procedures. Download the guide

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guide for members of audit committees at higher education institutions

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