Accounting, Financial Reporting and Audit - B 508

Portland Community College’s financial organization, management, and system of reporting will strive to ensure the integrity of institutional finances. The college will:

  1. Establish appropriate internal controls to provide reasonable assurance of sound financial decision-making and protection of college assets and resources.
  2. Maintain accounting systems that follow generally accepted accounting principles.

The President will recommend and the Board will appoint the independent college auditor who will audit the financial statements of the college on an annual basis in accordance with generally accepted auditing standards, the Minimum Oregon Municipal Auditing Standards and other applicable State or Federal laws and regulations. The independent auditor will deliver the audit directly to the Board.

As part of the annual audit process and other regular review of the college’s financial management, the President will report to the Board:

  1. The financial conditions of the college
  2. The compliance status with applicable state and federal laws and regulations.
  3. The college’s responses to the Auditor’s management letter.
  4. Other periodic updates on the financial condition of the college as deemed necessary.

(April 2004)