|No. 5-10c||Rev.||Date: 08-07-03|
To establish an audit committee of the University Board of Trustees. To outline functions of the audit committee consistent with Regents' policy R565, Audit Committees. To provide membership requirements, terms, and staffing accommodations for the audit committee.
A. Membership - The audit committee consists of at least four and not more than six members, at least three of whom are members of the Board of Trustees. Members external to the Board of Trustees shall be selected because of business-related expertise. The committee members shall be appointed by the chair of the Trustees with advice from the president.
B. Term - Members of the Board of Trustees appointed to the committee shall serve until replaced by the chair of the Trustees or until their terms as Trustees expire. Those external to the Board of Trustees appointed to the committee shall serve until replaced by the Trustee chair.
C. Quorum - Three or more members shall constitute a quorum of the committee.
D. Chair - Unless a committee chair is appointed by the Board of Trustees chair, the member of the committee may designate a chair by majority vote.
E. Meetings - The committee will meet at least three times per year and perform all functions assigned by Regents' policy R-565, Audit Committees, including, but not limited to:
- Approve WSU's annual audit schedule with the advice of the President
- Review and close all WSU internal audits
- Review Regent required audits
- Review external audits
- Review WSU annual financial statements and related audits
- Interact with external auditors assigned to audit WSU
- Assess WSU's internal control environment
- Assess WSU's process for receiving anonymous complaints
- Assess WSU's compliance with applicable laws
- Review WSU's audit function organization
- Concur in the appointment and replacement of WSU's audit executive
- Review and approve minutes
- Report to the Regents annually
- Report to the Trustees at least three times per year.
F. Staffing - Staffing for the committee will be performed by WSU's office of internal audit.