Pitt Audit Committee receives more authority

The Audit Committee of the University of Pittsburgh Board of Trustees passed two resolutions… The Audit Committee of the University of Pittsburgh Board of Trustees passed two resolutions today: one that will allow the committee to sometimes act for the full board and another that selected a new auditor for the University.

Robert Hill, vice chancellor of public affairs, said the first resolution, The Resolution Recommending Acceptance of the Audit Committee Charter, allows the audit committee to officially accept audit reports on behalf of the board of trustees.

The second resolution approved KPMG LLP, an international auditing company with a Pittsburgh office, as the independent auditor and tax adviser to the University for the fiscalyear 2010. KPMG LLP replaces the firm Deloitte, and is supposed to work to audit the University’s finances externally, objectively and independently from the Universty’s own internal auditor.

The audit committee, which was appointed by the chairman of the board of trustees, met in Posvar Hall this morning. It oversees the University’s financial reporting process, including internal and external audits. It provides a way for the internal auditors, external auditors, financial management and the board of trustees to communicate.