The primary function of the University of North Florida (“the University”) Finance & Audit Committee (“the Committee”) is to assist the Board of Trustees (“the Board”) in fulfilling its oversight responsibilities for
The Committee's authority comes from the Board of Trustees. The Committee has the authority to direct the Office of Internal Auditing to conduct an audit, review, and/or a special investigation into any matters within the scope of the Committee's responsibility. The Committee is empowered to:
The Committee will have the resources and authority necessary to discharge its duties and responsibilities.
Each member shall be free of any relationship that would interfere with the exercise of his or her independent judgment as a member of the committee. Collectively, members of the Committee should have professional experience and expertise in at least one of the following fields: post secondary education, education, non profit administration, investing, finance, accounting, financial reporting, auditing, or information technology. At least one member of the Committee should have accounting or related financial management expertise. However, the lack of any such member shall not invalidate or otherwise affect the actions taken by the Committee.
The Committee shall meet at least three times annually, or more frequently as deemed necessary by any Committee member. The Committee may not conduct any meeting with fewer than three members present. Each member shall be entitled to one vote and shall cast that vote on each item submitted. Members shall only abstain from a vote when there is a valid conflict of interest addressed to the Committee. The Committee may invite members of management, representatives of the external auditor or others to attend meetings and provide pertinent information, as necessary. Meeting agendas will be prepared and provided in advance to members, along with appropriate briefing materials. The minutes of each meeting will be prepared and approved at subsequent meetings. The Committee is subject to Florida's Government in the Sunshine Law (Sunshine Law) as set forth in Chapter 286, Florida Statutes. The Sunshine Law extends to all discussions and deliberations as well as any formal action taken by the Committee. The law is applicable to any gathering, whether formal or casual, of two or more members of the Committee to discuss some matter on which foreseeable action will be taken.
The Committee relies on the expertise and knowledge of management, the internal auditors, and the independent auditors in carrying out its oversight responsibilities. As such, the Audit Committee is accountable to the Board for carrying out the following responsibilities:
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