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, and 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 periodic reports to the Board.
THE AUDIT AND COMPLIANCE COMMITTEE SHALL FULFILL ITS GENERAL OVERSIGHT DUTIES AND RESPONSIBILITIES AS FOLLOWS:
- Report Committee actions to the Board with such recommendations as the Committee may deem appropriate.
- Adopt a formal written charter that has been approved by the full Board of Trustees that specifies scope of responsibility, process, and 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.
- Maintain liaison with Governance, Government Relations and Internal Affairs Committee.
Marsha D. Powers, Chair
David L. Brandon
Richard P. Cole
Leonard H. Johnson
Trevor J. Pope
UNIVERSITY STAFF LIAISONS:
Chief Compliance Officer Terra Dubois
Chief Audit Executive Dhanesh Raniga