Per Regents' Rules and Regulations, Rule 10402, the Audit, Compliance, and Risk Management Committee shall:
- Recommend an Audit Charter for the Audit, Compliance, and Risk Management Committee for review and approval by the Board and oversee all internal and external auditing and compliance functions within The University of Texas System.
- Recommend the approval of the hiring of the Chief Audit Executive after nomination by the Chancellor.
- Recommend the approval of the annual Systemwide risk assessment and annual internal auditing plan.
- Initiate System Administration and institutional audits, compliance activities, and operations management reviews as deemed necessary to ensure appropriate risk management and control processes within The University of Texas System.
- Provide the Board with relevant information obtained from ongoing reviews of auditing, compliance, and operations activities and reports of internal auditors, external auditors, and the State Auditor’s Office.
- Meet with external auditors, internal audit directors, and compliance officers as deemed necessary to discuss specific risk management and control issues.