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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
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Review and approve the Audit Committee Charter as presented.
BACKGROUND:
UTA 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 that is reviewed annually.
DISCUSSION:
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. The Audit Committee Charter being presented makes two modifications:
• Adds a confidentiality requirement to member duties as recommended by the State Auditor.
• Clarifies the committee’s duty to review the Audit Committee Charter annually and as necessary, recommend charter revisions to the Board of Trustees for adoption.
The charter was reviewed and approved by the Audit Committee on March 11, 2024 with a recommendation to the Board of Trustees to adopt the charter as presented.
Note - the marked-up version of the proposed charter revisions was published in the Audit Committee’s meeting packet for March 11, 2024 and can be accessed at <https://rideuta.legistar.com/LegislationDetail.aspx?ID=6558949&GUID=E3E931EC-33CE-4FED-9985-AF03E12B6783&Options=&Search=>
ALTERNATIVES:
The Board may request revisions to the charter.
FISCAL IMPACT:
None
ATTACHMENTS:
Audit Committee Charter (Revised Draft - March 2024)