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:
- Recommend to the Board the independent auditors to be selected.
- Discuss with the independent auditors the scope of their audit and related fees, and
serve as the Board's liaison with the auditors.
- 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.
- Discuss with the internal auditors the adequacy of the University's accounting and
financial systems in internal control.
- Be aware of all work (audit, tax and systems) that the public accounting firm performs
for the University.
- Discuss with the independent auditors the results of their audit, along with any matters
of controversy (resolved or unresolved) with the University staff.
- 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.
- Review and make appropriate recommendations regarding any memorandum prepared by independent
auditors setting forth any questionable activities or payments noted during their
audit work.
- Review and recommend to the Board what action is required as a result of the State
Auditor's report.
- Review management's evaluation and response to the State Auditor's report.
