The Board of Trustees shall appoint an auditor or auditing firm licensed to practice public accounting in the State of Illinois, to serve as College Auditor and to advise the Board. The auditor shall be available for consultation with the Board or the College administration as needed. The auditors shall conduct the annual audit of all College accounts over which the Board of Trustees has direct or supervisory control. The audit examination shall be in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and procedures prescribed in the Fiscal Management Manual adopted by the Illinois Community College Board.

The audit firm shall be selected for up to a five (5) year audit cycle. An auditing firm may perform this service for no more than two (2) consecutive cycles, after which the auditing firm will be ineligible for consideration for the next auditing cycle. Selection will be made on costs, qualifications and ability to serve the needs of the College. The principal factor in the selection will be the auditor’s ability to perform a quality audit. Price will not serve as the sole criterion for the selection.

While the audit firm shall be selected for a five (5) year audit cycle, each year an engagement letter shall be presented to the President to engage in services for each fiscal year. The Board reserves the right to select a different auditor mid-cycle if conditions warrant.

The auditor shall be employed after approval by the Board upon the recommendation of the Auditing Committee. The payment of fees for auditing services will be determined by the Board upon appointment.