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[[underlined]] REVISED [[/underlined]]

Section 4 - Other Committees

4.01 [[underlined]] Audit and Review Committee. [[/underlined]] With approval of the Board of Regents, the Chancellor shall appoint an audit and review committee including no fewer than three members of the Board of Regents. The audit and review committee shall do all things necessary to assure the Board that the Institution's accounting systems and internal financial controls are in good order and to facilitate communication between the Board of Regents and the Institution's internal auditors, and those of the General Accounting Office. The audit and review committee shall provide a direct channel of communication between the Board of Regents and the Institution's independent auditors who shall be certified public accountants nominated by the committee and appointed by the Board of Regents. The audit and review committee shall review the Institution's operations for compliance with approved programs and policies and shall perform related functions as directed by the Board of Regents. The committee may call upon the Institution's officers or staff for assistance as necessary and may employ outside professional assistance in performance of its duties if it deems this desirable. The audit and review committee shall report its findings directly to the Board of Regents at appropriate intervals, but not less frequently than annually,