The Audit and Compliance Committee, in carrying out its responsibilities, will utilize flexible procedures in order to best react to changing conditions and circumstances. The Committee will take appropriate actions to monitor the overall organizational tone for quality financial reporting, sound business risk practices, compliance with applicable laws and regulations, policies, and ethical behavior.
In discharging its responsibilities, The Audit and Compliance Committee shall conduct or authorize investigations within its scope of responsibilities and is empowered to retain and compensate independent counsel, accountants, experts, and other advisors as it deems necessary.
The Audit and Compliance Committee shall make reports to the Board, as it deems necessary, to report Committee actions and other matters as required under this charter.
The following shall be the principal duties and responsibilities of The Audit and Compliance Committee. These matters are set forth as a guide with the understanding that the Committee may supplement them as appropriate.
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.
Daniel T. O'Keefe, Chair
David L. Brandon
Richard P. Cole
Olivia E. Green
Marsha D. Powers
UNIVERSITY STAFF LIAISONS:
Chief Compliance Officer Terra Dubois
Chief Audit Executive Dhanesh Raniga