Committee on Audits and Institutional Risk Management
The primary purpose of the Committee on Audits and Institutional Risk Management is to assist the Board in fulfilling its financial oversight responsibilities, including:
- annual reporting
- systems of internal control
- internal and external audit processes
- institutional risk management
- compliance with legal and regulatory requirements
This committee is also a liaison for the Board with the university’s independent auditing firm and with the Office of Internal Audits in the institution. On occasion, the committee also recommends that the Board engage an independent auditing firm for both the university and entities controlled by the university. Committee members review independent audit proposals as well, including the scope of examination, services to be provided, reports to be rendered, and fees to be charged. In addition, the committee reviews and approves the university’s major accounting and financial reporting policies.