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UC DAVIS: ACCOUNTING AND FINANCIAL SERVICES September 30, 2002 DEANS, DIRECTORS, DEPARTMENT CHAIRS, AND CAMPUS/UCDMC ADMINISTRATIVE OFFICERS RE: New Standards For Audit and Non-Audit Services by the Regents' Auditors At The Regents' September 19, 2002 Audit Committee meeting the members passed a resolution adopting standards for audit and non-audit services provided by The Regents' external accounting firm. The Regents' external accounting firm is authorized to provide audit and audit related services to the University. For purposes of this resolution, "audit related" includes federal audit support, internal control reviews and investigations, implementation of new accounting standards, review of income and other tax matters, internal financial reviews, due diligence procedures related to public debt offerings and other transactions and audits of affiliated entities or special purpose audits. The University cannot retain The Regents' external accounting firm to provide any of the services which have been defined as "prohibited services" by the Sarbanes-Oxley Act of 2002. Those services include: bookkeeping, financial information systems design and implementation, appraisal or valuation services, actuarial services, internal audits, management and human resource services, broker/dealer and investment banking services and legal services. These services are not being performed, nor have they been performed in recent years for the University by The Regents' external accounting firm. Additionally, the Vice President-Financial Management could permit The Regents' external accounting firm to participate in solicitation for services that do not create a conflict of interest or appearance of such a conflict, and are allowable under the Sarbanes-Oxley Act, the General Accounting Office independence standards for audit and the American Institute of Certified Public Accountants ethics standards. The Regents' external accounting firm would only be retained to perform such services upon the approval of The Regents' Committee on Audit. Campus, Medical Center and Laboratory representatives should discuss the appropriateness of these types of consulting services with me before The Regents' auditors are requested to propose on the work. Business and Finance Bulletin BUS-76, Engagement with The Regents' Audit Firm, is currently being updated to incorporate these new policies. It will be distributed immediately upon completion. Sincerely, J. Michael Allred Associate Vice Chancellor--Finance 02-130
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