Committee on Independent Audit
(Bylaws of Board of Regents, Article II, Section D)
- Advise the Board regarding the Board’s responsibilities to oversee:
- the quality and integrity of the University’s compliance with legal, regulatory and policy requirements, financial reporting and financial statements, and internal controls related to risks;
- the function, disclosures, and performance of the University’s compliance, internal control, and risk management systems regarding ethics and compliance, risk, finance, and accounting, and the adequacy of such systems; and
- the independent certified public accountant’s qualification, independence and performance, as well as performance of the internal audit function.
- Review the annual internal audit plan and the extent to which it addresses high risk areas.
- Review the annual report of the internal audit department and discuss significant issues of internal controls with the Internal Auditor and management.
- Discuss the planned scope of the annual independent audit with the independent certified public accountants and review the results of the audit with the independent certified public accountants and management.
- Receive and review the annual certified financial reports with the independent certified public accountants and management.
- Recommend to the Board the certified public accountants to serve as the independent auditor, and their fees.
- Revise the scope of the annual audit, and approve any services other than audit and audit related services provided by the certified public accountants.
- Provide recommendations to the Board regarding approval of the internal audit mission statement, the committee’s charter, and other governance documents related to both internal and external compliance and auditing activities at the University.
- Kalbert Young, VP Budget and Finance/CFO
- Glenn Shizumura, Internal Auditor