Tennessee Board of Regents
Audit Committee Charter
The Audit Committee, a standing committee of the Tennessee Board of Regents, provides
oversight and accountability on all aspects of institutional operations within the
Tennessee Board of Regents system. The committee will assist the Board in fulfilling its
oversight responsibilities by reporting regularly to the Board about Audit Committee
activities and issues that arise with such recommendations as the committee deems
appropriate. The Audit Committee will provide for open communications among the
Board of Regents, the Board’s and institutions’ senior management, the Tennessee
Comptroller’s Office auditors, and System-wide Internal Audit regarding audit matters.
For the Board of Regents and its institutions, the Audit Committee will provide oversight
in the following areas:
Audit engagements with the Tennessee Comptroller’s Office, including the integrity
of financial statements and compliance with legal and regulatory requirements.
Audit engagements with external auditors.
Internal Audit activities.
Internal Audit administration.
Internal controls and compliance with laws, regulations and other requirements.
Risk and control assessments.
Fraud, waste and abuse prevention, detection, and reporting.
Other areas as directed by the Board.
The Audit Committee has the authority to conduct or authorize audits or investigations
into any matter within its scope of responsibility. The scope of internal auditing extends
to all aspects of institutional operations and beyond fiscal boundaries. The committee is
Seek any information it requires from employees or external parties. Employees are
directed to cooperate with the committee’s requests.
Have access to all books, records and physical properties of the Tennessee Board of
Regents and its institutions.
Meet with Board and institutional officials, external and internal auditors, legal
counsel, or others as necessary.
Delegate authority to subcommittees, providing that such decisions by any
subcommittee are presented to the full committee at its next scheduled meeting.