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PPM 5-10c, Audit Committee |
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Responsible Office: President |
1.0 PURPOSE
This policy establishes an audit committee of the Board of Trustees. It outlines functions of the audit committee, consistent with Utah Board of Higher Education policy R565, Audit Committees. It provides membership requirements, terms, and staffing accommodations for the audit committee.
2.0 REFERENCES
2.1 PPM 5-10, Audits
2.2 PPM 5-10a, Internal Audit
2.3 PPM 5-10b, External Audit
2.4 Utah Board of Higher Education Policy R541, Audit Committees
2.5 Utah Code Title 63I, Chapter 5
3.0 POLICY
3.1 Membership. The audit committee consists of at least three and not more than five members, at least three of whom are members of the Board of Trustees. When practicable, at least one of the committee members should have financial expertise either through professional certification or experience. The committee members shall be appointed by the chair of the trustees with advice from the President. Unless a committee chair is appointed by the Board of Trustees Chair, the members of the committee may designate a chair by majority vote. The committee may invite institutional administrators, auditors, and others to attend meetings and provide pertinent information.
3.2 Term. Members of the Board of Trustees appointed to the committee shall serve until replaced by the chair of the trustees or until their terms as trustees expire. Those external to the Board of Trustees appointed to the committee shall serve until replaced by the trustee chair.
3.3 Quorum. Three or more members shall constitute a quorum of the committee.
3.4 Meetings. The committee will meet at least three times per year and perform all functions assigned by Utah Board of Higher Education policy R565, Audit Committees, including, but not limited to:
3.4.1 Receive and review reports or summaries of audit activities, including Utah Board of Higher Education required audits and external audits
3.4.2 Review the University financial statements and related audits, including annual financial statements
3.4.3 Interact with internal and external auditors assigned to audit the University
3.4.4 Review information provided regarding the University's internal control environment, systems means of communicating standards of conduct, and practices with respect to monitoring compliance, risk assessment, and risk management;
3.4.5 Assess the University's process for receiving anonymous complaints about accounting, auditing, internal controls, and other related issues;
3.4.6 Review audit staffing and structure with campus administrators and representatives, including appointment and replacement of the University's audit executive in consultation with the University President;
3.4.7 Report to the Utah Board of Higher Education annually (through trustee chair and audit committee chair);
3.4.8 Report to the trustees at least annually.
3.5 Staffing. Staffing for the committee will be performed by the University's office of internal audit, who will prepare reports, agendas, and informal minutes.
Revision History
Creation Date: 8-7-03
Amended: 9-19-24