Audit and Compliance

The Audit and Compliance Committee sets the overall tone for quality financial reporting, sound business risk practices, compliance with applicable state and federal laws and regulations, University regulations and policies, and ethical behavior. 

 The Audit and Compliance Committee monitors audit processes and compliance program effectiveness, ensures independent communication and information flow for audit and compliance processes, and ensures committee members are knowledgeable and diligent in performing their duties.

 The Audit and Compliance Committee strives to ensure that its policies and procedures  remain flexible to best react to changing conditions and provide reasonable assurances to the Board that the scope of audit activities and the adequacy of the system of internal controls promote compliance with state and federal laws and regulations,  and University regulations and policies.  The Audit and Compliance Committee shall make reports to the Board, as it deems necessary.


The Audit and Compliance Committee shall fulfill its general oversight duties and responsibilities as follows:

  • Conduct or authorize investigations into any matters within the Committee’s scope of responsibilities. The Committee shall be empowered to retain independent counsel, accountants, or others to assist it in the conduct of any investigation.
  • Report Committee actions to the Board with such recommendations as the Committee may deem approppriate.
  • Maintain minutes or other records of meetings and activities.
  • Adopt a formal written charter that has been approved by the full Board of Trustees that specifies scope of responsibility, process, membership, The charter will be reviewed at least every three years for consistency with applicable Board of Governors and University regulations, professional standards, and best practices.
  • Review and monitor implementation of management’s response to internal and external audit recommendations and compliance findings.
  • Provide other governance oversight as assigned by the Board.

Committee members:

  • Marsha D. Powers, Chair
  • James W. Heavener
  • W. Smith Meyers
  • David M. Quillen
  • Robert G. Stern
  • David M. Thomas

University staff liaisons:

  • Chief Audit Executive or designee
  • Vice President and Chief Financial Officer
  • Interim Vice President and General Counsel

Charter

Audit and Compliance Charter