Audit and Non-Audit Services Pre-Approval Policy
Audit services are professional services rendered for the audit of the financial
statements of New York University (“University”), the review of quarterly financial
statements, services that are normally provided by an accountant in connection with
statutory and regulatory filings or engagements, and services that generally only the
independent auditor reasonably can provide. Audit services include the annual financial
statement audit (including related interim reviews as appropriate), annual audit on
compliance under OMB Circular A-133, annual ERISA audits of the University benefit
plans, annual audits of subsidiary activities, attestation services related to NCAA rules, any other audit and attestation engagements required to be completed by the University, and other procedures required to be performed by the independent auditor to be able to form an opinion on the reports previously mentioned. Audit services also include the attestation engagement for the independent auditor’s report on management’s assertion on internal controls for financial reporting. The Audit Committee will monitor the audit services engagement throughout the year and related fees and will also approve, if necessary, any changes in terms and conditions resulting from changes in audit scope, University structure or other items.
Audit-related services, including internal control-related services, are assurance and
related services that are reasonably related to the performance of the audit or review of the University's financial statements and/or the University's internal control over financial reporting and that are traditionally performed by the independent auditor.
Other services include permitted products and services other than those in the above
three categories, including permitted corporate finance services, and certain advisory services such as real estate, treasury, employee benefit plans and risk management. The Audit Committee shall periodically seek relevant guidance to determine the precise definitions of permitted other services, as well as prohibited services that may impair the auditor’s independence. Sources of guidance may include the rules and regulations of the United States Security Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB), as well as the standards set by the U.S. General Accounting Office (GAO) and the American Institute of Certified Public Accountants (AICPA).
