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Responsibilities

The Board employs a person qualified by training and experience to serve as the Chief

Audit Executive for the system, who reports directly to the Audit Committee and the

Board of Regents. The Chief Audit Executive coordinates audit activities with the

Tennessee Comptroller of the Treasury, with the campus internal auditors and with any

other external auditors. The Audit Committee facilitates any audit and investigative

matters, including advising auditors and investigators of any information the committee

may receive pertinent to these matters.

The Audit Committee will carry out the following duties for the Board and its institutions

and will report to the Board about Audit Committee activities and issues that arise with

such recommendations as the committee deems appropriate:

Tennessee Comptroller’s Office Audits

Understand the scope and approach used by the auditors in conducting their

examinations.

Review results of the Comptroller’s examinations of financial statements and any

other matters related to the conduct of the audits.

Review with management and general counsel any legal matters (including pending

litigation) that may have a material impact on the financial statements, and any

material reports or inquiries from regulatory or governmental agencies.

Resolve any differences between management and the Comptroller’s auditors

regarding financial reporting.

Meet, as needed, with the Comptroller’s auditors to discuss any matters that the

Audit Committee or auditors deem appropriate.

External Audits

Understand the scope and approach used by the external auditors in conducting their

examinations.

Review results of the external auditors’ examinations and any other matters related to

the conduct of the audits.

Meet, as needed, with the external auditors to discuss any matters that the Audit

Committee or auditors deem appropriate.

Internal Audit Activities

Ensure that the Chief Audit Executive has direct and unrestricted access to the

chairman and other committee members.

Review and approve the charter for the System-wide Internal Audit function and the

institutions’ audit functions.

Review and approve the annual audit plans for the system office and the institutions’

audit functions, including management’s request for unplanned audits.

Receive and review significant results of internal audits performed.

Review the results of the year’s work with the Chief Audit Executive. Receive and

review any other work prepared by the Chief Audit Executive for the system.

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