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TENNES SEE BOARD

O F

REGENTS

MEETING:

Committee on Audit

SUBJECT:

Impact of the FOCUS Act on Internal Audit

Functions

DATE:

November 15, 2016

PRESENTER:

Chancellor David Gregory, Tammy Birchett

ACTION REQUIRED:

Informational Report

STAFF’S RECOMMENDATION:

Not Applicable

BACKGROUND INFORMATION:

The Committee will discuss the impact of the FOCUS Act on internal audit activities for

the Tennessee Board of Regents system and its institutions as well as steps to transition

audit activities within the system’s renewed focus on Tennessee’s community colleges and

colleges of applied technology.

The FOCUS Act directs the creation of a separate state university board, a governing board,

for each of the six universities in the Tennessee Board of Regents system. The Act did not

amend statutes originally enacted in 2004 regarding the establishment of an audit

committee, and other internal audit matters, for the Tennessee Board of Regents system.

The State of Tennessee Audit Committee Act of 2005, requires the establishment of audit

committees for state governing boards and will require audit committees for the new state

university boards once established and convened. Certain questions remain regarding the

2004 requirements of the TBR system’s Audit Committee and internal audit function

because the FOCUS Act also identifies the six universities within the TBR system.

The following are system-level actions or involvement directed by statutes:

Higher Education Accountability Act of 2004

The hiring of campus internal auditors shall be done upon the recommendation of

the institutional presidents with the approval of the chancellor.

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