§ 4-35-107. Establishment of Confidential Reporting of Illegal, Improper, Wasteful or Fraudulent Activity
An audit committee created pursuant to this chapter shall establish a process by which employees, taxpayers, or other citizens may confidentially report suspected illegal, improper, wasteful, or fraudulent activity. If the information provided causes the chair of the audit committee to believe that illegal, improper, wasteful, or fraudulent activity may have occurred, then the chair […]
§ 4-35-108. Notice of Meetings — Open Meetings — Exceptions
Except as provided in subsection (b), all meetings of an audit committee created pursuant to this chapter shall abide by the notice requirements adhered to by the state governing board, council, commission, or equivalent body to which the audit committee is attached. All meetings of an audit committee created pursuant to this chapter shall be […]
§ 4-35-101. Short Title
This chapter shall be known and may be cited as the “State of Tennessee Audit Committee Act of 2005.”
§ 4-35-102. Creation of Audit Committees
A state governing board, council, commission, or equivalent body that has the authority to hire and terminate its employees shall create an audit committee, subject to subsection (c). A state governing board, council, commission, or equivalent body that is responsible for the preparation of financial statements, whether included in the financial statements of other entities […]
§ 4-35-103. Development of Charter — Guidelines for and Review of Charter — Approval
An audit committee created pursuant to this chapter shall develop a written charter addressing the audit committee’s purpose, powers, duties, and mission. The comptroller of the treasury shall establish guidelines for creation of an audit committee charter and shall review the proposed charter to determine whether the charter contains the minimum necessary requirements. The charter, […]
§ 4-35-104. Standing Committee — Members — Meetings
The audit committee shall be a standing committee of the state governing board, council, commission, or equivalent body. An audit committee created pursuant to this chapter shall have at a minimum three (3) members, chosen as prescribed in the audit committee charter. The audit committee’s charter shall provide for the frequency of and procedures relative […]
§ 4-35-105. Responsibilities of Audit Committee
The responsibilities of an audit committee created pursuant to this chapter include, but are not limited to: Overseeing the financial reporting and related disclosures, especially when financial statements are issued; Evaluating management’s assessment of the body’s system of internal controls; Formally reiterating, on a regular basis, to the state governing board, council, commission, equivalent body, […]
§ 4-35-106. Powers and Duties
An audit committee created pursuant to this chapter shall have the power and duty to take whatever actions the audit committee deems necessary in carrying out its responsibilities in this chapter, including, but not limited to: Seeking information the audit committee requires from employees or external parties; Meeting with agency management, board, council, commission, or […]