Audit Committee Approves Charter, Audit Plan

The audit committee of the University of Tennessee Board of Trustees has approved an audit charter and plan for the university.

The committee will make a recommendation to the full board for consideration on December 12.

The charter authorizes the audit committee to help trustees fulfill oversight responsibilities related to UT annual financial statements, compliance with legal, regulatory and university policy; internal auditing and controls; engagements with state and external auditors; internal controls and management practices; and other areas.

The plan approved by the committee includes a proposed schedule of internal audits to be conducted at campuses through the UT statewide system from Jan. 1, 2004 to Dec. 31, 2004.

Audit committee members are: Waymon Hickman, chair, of Columbia; John Pontius, Memphis; and Don Stansberry, Huntsville. Clayton McWhorter, vice chairman of the board of trustees, serves as an ex-officio member of the committee.