External Audits

External audits are conducted by RFCUNY’s certified public accountant, government agencies, and sponsors to certify RFCUNY financial statements, evaluate RFCUNY policies and procedures, or to review funded programs and expenditures of sponsor funds. 

Types of External Audits

Audit of RFCUNY Financial Statements

On an annual basis, RFCUNY's accounting records are audited by a certified public accounting firm. The primary purpose of this audit is to determine whether RFCUNY's financial statements present fairly the financial position and the results of financial operations in accordance with generally accepted accounting principles.

External Agency 

Agencies such as the New York State Comptroller may occasionally perform reviews to determine if RFCUNY is in compliance with established laws, rules and regulations for which they have the authority to audit.

Sponsor Audit 

Sponsor audits are the most frequent audits conducted at RFCUNY. These audits are conducted by sponsors or their representatives. Sponsors may review program activities or relevant financial records and supporting documentation. Reviews may also combine both programmatic and financial elements. Sponsor questions about program activities should be addressed by the appropriate level of program management. Financial management questions should be referred to RFCUNY.

  • Program Audit - Performed at the college to determine whether the program is being conducted in accordance with the terms of the award or other established guidelines. Reviews of sponsor programs may also be referred to as a site or monitoring visit.
  • Financial Audit - Determines whether financial data reported to the sponsor is accurate. Conducted at RFCUNY central office, which maintains most of the financial records and support documentation.

Coordinating an External Audit

RFCUNY Financial Statements Audit by Certified Public Accounting (CPA) Firm

All matters relating to audits of RFCUNY's financial statements by CPA firms are addressed by RFCUNY’s Finance Department.

Sponsor Program Audit

When a program is reviewed, the principal investigator, program director, or another appropriate program employee should be assigned to liaison with external auditors to ensure all questions are sufficiently answered, appropriate documents furnished, and responses to recommendations adequately provided. To ensure compliance, the liaison is expected to be knowledgeable about the program and required documentation.

External Agency or Sponsor Financial Audit

When government agencies or sponsors perform financial audits and documentation is to be provided by RFCUNY’s central office, the Office of Internal Audit will oversee audit coordination. As external financial audits generally require information from several RFCUNY central office departments, the Office of Internal Audit will direct the external audit process in the central office to ensure auditors are provided appropriate documentation and all questions are adequately answered. RFCUNY employees are required to provide documentation and respond to audit reports as instructed by the Office of Internal Audit. 

KEY CONTACTS

Jeffrey Lucks
Office of Internal Audit
212-417-8570