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TO: |
Audit Committee |
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FROM: |
Annette Royle, Chief of Board Strategy & Governance |
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PRESENTER(S): |
Annette Royle, Chief of Board Strategy & Governance |
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TITLE:
title
Audit Committee Charter Approval
end
AGENDA ITEM TYPE:
Audit - Approval
RECOMMENDATION:
Review and approve the UTA Audit Committee Charter as presented.
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 and the current Audit Committee Charter also require the Audit Committee to function under the terms of an Audit Committee Charter reviewed annually.
DISCUSSION:
The UTA Audit Committee Charter was last updated and approved by the Audit Committee and Board of Trustees in March 2024. The charter is required to be assessed annually for its adequacy by the Audit Committee.
UTA’s Audit Committee Charter was initially drafted to align with requirements set by the Utah State Auditor’s Office and Utah’s Public Transit District Act. At this time, we are not recommending any revisions and the Audit Committee Charter being presented for review has no modifications from the previously approved version.
ALTERNATIVES:
The committee may make suggestions for revisions to the charter.
FISCAL IMPACT:
None
ATTACHMENTS:
Audit Committee Charter for the Utah Transit Authority