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When the auditing committee reports , this report should be accepted , or adopted , which carries with it the endorsement of the financial report . Keep financial reports and tax filings current . Financial records , supporting documents , statistical records , and all other records pertinent to an award shall be retained for a period of three years from the date of submission of the final expenditure report or , for awards that are renewed quarterly or annually , from the date of the submission of the quarterly or annual financial report , as authorized by the Federal awarding agency . D. To manage the fiscal operation of the University ensuring accurate and timely preparation of financial reports . A second area of intense concern is retiree medical costs , especially in light of the Government Accounting Standards Board pronouncements that require disclosure of this runaway expense in the annual financial report . Our reforms in the areas of financial reporting tend to be more on the continuum toward increasing the Board 's effectiveness , while our recently proposed Board nomination reforms would tend to give some power back to shareholders . In Sarbanes-Oxley , Congress directed the Commission to adopt rules to increase the accountability of chief executive and financial officers , improve the quality of financial reporting , and raise professional , legal and ethical standards for the gatekeepers in our financial system . More than 90 percent of the US households with email said they prefer regular , postal mail to email when receiving bills , bank statements , or other financial reports at home , according to a recent survey The study , commissioned by Pitney Bowes and conducted by International Communications Research ( ICR ) in March of 1999 , found that 80.3 percent of those surveyed consider regular mail more secure than email . Monitoring activities will take place through the evaluation of monthly , quarterly , and annual reports ; pre-and-post testing results ; advisory committee meeting reports ; student follow-up ; financial reports ; and professional development participation . Topics covered will include the financial reporting system , the primary financial statements , and effects of accounting method choice on reported financial data . In most companies , managers are unable to pull all the information they need out of a single financial report or accounting system . Investext features full-text company and industry financial reports produced by 700 of the leading international investment banks , brokerage firms and trade associations . A major objective of the custodial Financial reporting system is to be continuously and accurately responsive to regular and ad hoc requests for custodial financial reports . Any organization receiving more than $ 25,000 is required to file an annual financial report ( IRS Form 990 ) with the IRS and the Attorney General 's office .