1. Term: The annual Foundation audits will be awarded for one year beginning with fiscal year 2024/2025, which ends June 30, 2025. The Foundations will have the option to renew each year for up to two additional fiscal years. 2. The annual audits must be conducted in accordance with: a. Auditing standards generally accepted in the United States of America and include tests of the accounting records and other procedures considered necessary to express an opinion that the financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles; b. Financial Accounting Standards Board (FASB) accounting standards; and c. Statewide accounting policies established by the Office of State Controller, if applicable. The selected firm will perform the audits and issue an independent auditor’s report on the financial statements of the Foundations. 3. The auditors will report each year and at other times as needed directly to the respective Audit Committees. 4. The selected firm should begin their preliminary work after May 1 but no later than the third week of May. 5. Timing, Location, and Conduct of Audit Work: a. The Foundations expect to receive, prior to May 15 of each year, a list of schedules to be prepared and other items required for the audit. b. Pre-closing, interim, tests and procedures shall be conducted at a mutually agreeable time. c. The audit will be conducted on Foundation premises and the Foundations will provide space deemed adequate by the auditor to efficiently conduct the audit. Remote completion of the audit may be discussed with Foundation management after completion of the first year of the audit. d. During the audit, employees of East Carolina University’s Financial Services unit will assist in providing needed information selected for testing and other information requested relevant to the audit. 6. The final audit report for each Foundation for each fiscal year must be completed by the dates previously stated. Printed copies of the audit reports, if requested, and an electronic copy will be provided to each of the Foundations. The Foundations will send electronic copies of the audit reports to the Office of the State Auditor and the Office of State Controller. As required by North Carolina General Statute 147-64.6D: “Each audit report prepared for a State agency by a Certified Public Accountant shall itemize the number of hours used in conducting the audit and in preparation of the audit report and the total cost of conducting the audit and preparing the audit report.”
