Section 1720-01-04-.03 - CONTRACTS FOR AUDITING, FISCAL MANAGEMENT, OR ACCOUNTING SERVICES(1) The Audit Division of the State Comptroller's Office is staffed to service most of the University's needs and requirements for independent audits. However, when federal grants and contracts require an independent audit or other needs exist for auditing or specialized accounting services by firms, the Chief Business Officer should furnish the Executive Vice President and Vice President for Business and Finance or the Treasurer a detailed summary of requirements to present to the State Comptroller's Office to determine if the State Audit Division can handle these needs or requirements.(2) If these needs cannot be serviced by the State Audit Division, a contract with an independent firm will be negotiated in accordance with the rules and procedures in this policy. In addition to the other requirements, such contracts require prior approval of the State Comptroller and must include the following provision: "All audit (or accounting or financial analysis) work papers shall be made available for review by the State Comptroller, or his representatives, upon request during normal working hours either while the analysis is in progress or subsequent to the completion of this contract."
Tenn. Comp. R. & Regs. 1720-01-04-.03
Original rule filed March 29, 1978; effective June 14, 1978. Repeal and new rule filed May 27, 1986; effective August 12, 1986. Amendment filed September 20, 1999; effective January 28, 2000.Authority: T.C.A. 49-9-209, "Public Acts of Tennessee, 1839-1840", Chapter 98, Section 5 and "Public Acts of Tennessee, 1807", Chapter 64.