(Approved by the Board of Regents, July 26, 1990)
  1.   There shall be an annual consolidated financial audit of
       institutions and components of the University of Maryland
       System and other audits as required by external entities.
  2.   An institution or component shall not obtain audit services
       without the prior approval of the Chancellor.
  3.   The Chancellor shall ensure that all institutions and
       components are included in the annual consolidated financial
       audit, that consolidated financial reports are prepared and
       issued on a timely basis, that a management letter is
       obtained from the auditor, and that responses thereto are
       coordinated on behalf of the System and presented to the
       Finance Committee of the Board of Regents for review.
  4.   Each audit report of an institution or component shall be
       submitted to and retained by the Chancellor.