Internal Audit

Audit Committee Charter

 
Committee Title
This Committee shall be called the Audit Committee of the Board of Regents of Seton Hall University.

Committee Membership
The Audit Committee will be appointed by the Chair of the Board of Regents. The Audit Committee will be composed of at least seven Regents, independent of management. All of the members will be familiar with standard financial reporting, accounting practices and operations. One member will be drawn from the Finance Committee and at least one will be a "financial expert."

Mission
The Audit Committee is a standing committee of the Board of Regents. The primary mission of the Audit Committee is to promote greater institutional accountability by providing appropriate oversight to the internal and external audit functions of Seton Hall’s operations, including financial practices and IT; to assess the adequacy of the institution’s system of internal controls; and to evaluate and monitor the University’s enterprise risk management and regulatory compliance programs, including whistleblowing reports. The Audit Committee accomplishes its mission through the discharge of its functions and responsibilities.

Functions And Responsibilities
The Audit Committee's specific responsibilities include, but are not limited to, the following:
  • Recommending to the Board of Regents the selection and retention of the independent public accountants for the University;
  • Recommending to the Board of Regents, when the Audit Committee deems it advisable, that the independent public accountants engage in specific studies and provide reports regarding auditing matters, accounting procedures and other matters;
  • Reviewing and approving the scope of the annual external audit and review for compliance with the General Accounting Offices ("GAO") Independence Standards;
  • Ensuring that appropriate accounting policies and internal controls are established and followed and that the institution issues financial statements and reports in a timely manner in accordance with applicable regulatory obligations;
  • Reviewing annual financial statements, including any adjustments to those statements recommended by the independent public accountants, and any significant issues that arise in connection with the preparation of those financial statements;
  • In consultation with the independent public accountants, recommending to management inclusion of financial disclosures in audited financial statements;
  • Reviewing the University's IRS Form 990 and 990-T prior to filing and recommending filing to the Board of Regents, as well as recommending appropriate University policies and procedures pursuant to Form 990;
  • Reviewing, as appropriate and in consultation with the independent public accountants, accounting policies and procedures applicable to the University, as well as any management responses to comments relating to those policies and procedures;
  • Overseeing the development and implementation of a University-wide enterprise risk management and regulatory compliance program;
  • Requesting and/or receiving investigations of potential improprieties in University operations, in consultation and coordination with the Director of Compliance, Director of Internal Audit and/or the Office of General Counsel;
  • Meeting at least annually with the President, Vice President for Finance and Chief Financial Officer, the Vice President for Administration and the Vice President and General Counsel, together with the independent public accountants, to discuss any issues arising from the Audit Committee's responsibilities;
  • Meeting at least annually with the independent public accountants (outside the presence of management) to discuss any issues arising from the Audit Committee’s responsibilities;
  • Meeting at least annually with the Director of Internal Audit (outside the presence of management) to discuss any issues arising from the Audit Committee's responsibilities;
  • Obtaining from management and external advisors reports relating to accounting, tax, regulatory, government and other business matters;
  • Approving the work plan of the internal audit function and receiving reports on the result of the internal audit's work;
  • Reviewing the administration of the University's Conflict of Interest Policy;
  • Reviewing the performance of management and operating personnel under the University's code of ethics;
  • Obtaining the advice of outside consultant and professionals, including but not limited to the retention of special legal counsel, to advise the Audit Committee on matters within the scope of its authority; and,
  • Accepting such other responsibilities that may be assigned to it, from time to time, by or on behalf of the Board of Regents.

Originally adopted by the Board of Regents on 27 March 2003
First Amended 16 November 2009
Next Amended: 6 December 2012

Contact Us

Internal Audit
(973) 275-2036
(973) 761-9731
Fax (973) 761-9071
Presidents Hall Rm. 4

 
 
 
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