TENNES SEE BOARD
Committee on Audit
November 15, 2016
Review of Audit Committee Charter
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.