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Tennessee Board of Regents

Audit Committee Charter

Purpose

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.

Authority

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

authorized to:

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.

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