Part 2 Subpart 2-4 Committees of the Board

Sec. 2-406. Functions of the Finance Committee Relating to Audit.

The Finance Committee shall perform the following audit-related functions:

  1. Recommend to the Board the independent auditors to be selected.
  2. Discuss with the independent auditors the scope of their audit and related fees, and serve as the Board's liaison with the auditors.
  3. Discuss with the independent auditors and University staff the University's accounting principles and policies and the reporting practices followed, including the impact of alternate accounting principles.
  4. Discuss with the internal auditors the adequacy of the University's accounting and financial systems in internal control.
  5. Be aware of all work (audit, tax and systems) that the public accounting firm performs for the University.
  6. Discuss with the independent auditors the results of their audit, along with any matters of controversy (resolved or unresolved) with the University staff.
  7. Review and recommend what action is required as a result of any memoranda prepared by the independent auditors listing significant weaknesses in internal control noted during the annual audit and management's evaluation of such weaknesses.
  8. Review and make appropriate recommendations regarding any memorandum prepared by independent auditors setting forth any questionable activities or payments noted during their audit work.
  9. Review and recommend to the Board what action is required as a result of the State Auditor's report.
  10. Review management's evaluation and response to the State Auditor's report.