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TENNES SEE BOARD

O F

REGENTS

MEETING:

Committee on Audit

DATE:

November 15, 2016

AGENDA ITEM:

Review of Audit Committee Charter

and Responsibilities

PRESENTER:

Tammy Birchett

ACTION REQUIRED:

Voice Vote

STAFF’S RECOMMENDATION:

Approval

BACKGROUND INFORMATION:

The Audit Committee Charter is reviewed annually, as required by the charter, to

consider any needed revisions. Upon approval of any changes by the Audit

Committee and Board, the charter is submitted to the Comptroller of the Treasury

for review and approval. The Audit Committee Charter was last revised by the

Audit Committee on November 25, 2014, and subsequently approved by the

Comptroller of the Treasury.

The Internal Audit staff have reviewed the charter and have no recommendations

for changes at this time. The Committee will discuss the charter and consider

whether any changes are needed.

The Tennessee Board of Regents bylaws provides that the Audit Committee shall

provide appropriate oversight and accountability on fiscal matters within the

Tennessee Board of Regents and shall employ a person qualified by training and

experience to serve as an internal auditor and to report directly to the Audit

Committee and the Board. The bylaws require that the internal auditor perform the

duties required by the Higher Education Accountability Act of 2004 (T.C.A. § 49-

14-101 et seq.) including reports to the Committee and development of a process to

report and investigate illegal, improper, fraudulent or wasteful activity. The bylaws

provide that in addition to the Regents appointed to the Committee, the Board may

select one or more certified public accountants or other qualified citizens who are

not members of the Board to serve on the Audit Committee.

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