4-300 External Audit

As the governing body of a Corporation administering a public trust, The Board of Regents of the University of California is responsible for the security of University funds, including extramural funds. Its Compliance and Audit Committee recommends to the Board a firm of independent certified public accountants to audit the University's financial statements on an annual basis in accordance with generally accepted auditing standards and to make such studies as are authorized by the Committee for the information of the Board. For the purpose of applying the provisions which follow, the firm appointed is not considered an extramural agency.

Extramural funding agreements normally provide that the sponsor shall have access to pertinent records in order to perform audits. The Department of Health and Human Services is the cognizant agency assigned to perform federal audits of federal funding agreements at the University. Individual agencies may also conduct audits of their funding.