§ 4-35-105 — Responsibilities of audit committee

The responsibilities of an audit committee created pursuant to this chapter include, but are not limited to: (1) Overseeing the financial reporting and related disclosures, especially when financial statements are issued; (2) Evaluating management's assessment of the body's system of internal controls; (3) Formally reiterating, on a regular basis, to the state governing board, council, commission, equivalent body, or management and staff of the agency to which the audit committee is attached, the responsibility of the state governing board, council, commission, equivalent body, or management and staff of the agency for preventing, detecting, and reporting fraud, waste, and abuse; (4) Serving as a facilitator of any audits or investigations of the body to which the audit committee is attached, including advising auditors and investigators of any information the audit committee may receive pertinent to audit or investigative matters; (5) Informing the comptroller of the treasury of the results of assessment and controls to reduce the risk of fraud; and (6) Promptly notifying the comptroller of the treasury of any indications of fraud.

Legislative History

Acts 2005, ch. 310, § 6.