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TO: |
Board of Trustees |
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FROM: |
Annette Royle, Director of Board Governance |
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PRESENTER(S): |
Annette Royle, Director of Board Governance |
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TITLE:
title
Audit Committee Charter Approval
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AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Adopt the Audit Committee Charter as reviewed and approved by the Audit Committee.
BACKGROUND:
UTA’s Bylaws established the Audit Committee to direct the Internal Auditor to conduct audits determined to be most critical to the organization and to hear reports from the Internal Auditor and external auditors. The Bylaws also require the Audit Committee to function under the terms of an Audit Committee Charter reviewed annually.
DISCUSSION:
UTA’s Audit Committee Charter was initially drafted to align with requirements set by the Utah State Auditor’s Office and was last reviewed and approved in April 2021. The Audit Committee reviewed a revision to the charter at their meeting on April 19, 2022 and have approved it with a recommendation to the Board to adopt this revision. The revised charter makes only minor language clarifications that 1) appoints the Chair of the Board of Trustees as the Chair of the Audit Committee (as stated in UTA’s Bylaws), and 2) clarifies the role of the Audit Committee to approve the annual Internal Audit Plan (as stated in the Internal Audit Charter).
ALTERNATIVES:
The Board may make suggestions for further revisions to the charter.
FISCAL IMPACT:
None
ATTACHMENTS:
Audit Committee Charter (revised April 2022)