Public Universities in Texas are audited by the Texas State Auditor’s office and reported on a collective basis, that is all combined together. University systems may request a separate audit which is advisable and funding may be provided for an external independent audit. Such was the case when our firm was hired to conduct the first ever audit of Texas Southern University and the results of the audit and previous debacles were supportive of the fact that university systems should be audited separately, as the autonomous decentralized nature of the universities warrants additional audit coverage.
Our higher education audit services include University Charter Schools, Radio and Broadcast Stations, Foundations, Alumni Associations and NCAA engagements. Our universities clients include University of Texas, University of Houston, University of Texas at Tyler and, formerly, Texas Southern University.
As state agencies, Public Universities in Texas have the same year end as the State of Texas, which is August 31.
Audit Filing Deadline
There is no statutory requirement for an audit or deadline; however, the Comptroller of Public Accounts requires submission of financial reports (unaudited) on or about November 20 and completion of an audit by that date reduces differences that could result in reports and will vastly simplify the process. The State Auditor’s office will be applying new group audit standards and will likely have a filing deadline.