AUDIT COMMITTEE CHARTER
The Audit Committee is responsible for ensuring that the University has sufficient internal controls to promote financial transparency, enhance accountability and manage risk. This Committee shall recommend to the Board of Regents (the “Board”) the engagement of an external auditor and regularly review the reports of the University’s Internal Auditor.
The Audit Committee shall be responsible for monitoring the University's internal controls and financial reporting. To fulfill this function, the Audit Committee shall
Appoint and oversee an external auditing firm for the University
Review financial statements audited by the external auditors
Review the recommendations of the external auditors and present those recommendations to the full board
Review and evaluate the reports and recommendations of the University's Internal Auditor and present those recommendations to the full Board
Review, evaluate and oversee the University's internal controls and accounting functions
Assess strategic risks for the University and make recommendations to the Board as to management and minimization of risk
Monitor the University's compliance with financial accounting principles and regulations and internal finance policies
Make recommendations to the full Board as to policies and strategies to safeguard assets
The Audit Committee shall consist of four members. The Committee chair and the members of the Committee shall be appointed by the Chair of the Board of Regents. The President of the University shall be a non-voting, ex officio member of the Committee. Committee members should have financial expertise and/or business experience. A simple majority of the members of the Committee shall constitute a quorum.
The Internal Auditor shall be staff designee to the Audit Committee.
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