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Termination of employment of campus internal auditors shall require prior approval

by the chancellor and the board audit committee.

Annual or other periodic audits of chief executives shall be performed by an internal

auditor who is not an employee of the institution of the chief executive being

audited.

The board of regents shall establish a policy requiring that reports by their system

chancellor and presidents detailing expenditures made by, at the direction of, or for

the benefit of, the chancellor or president be filed with the board no less than

annually.

Higher Education Financial Accountability – 2004

The board of regents of the state university and community college system shall

require risk-based internal financial audits of the offices of the chancellor and the

presidents of the institutions comprising the system; provided, that at least thirty

percent (30%) of such offices shall be audited in any given year. The audits shall be

reviewed by the board of regents and the comptroller of the treasury (TCA 49-7-

3001(a).

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