Regents Audit Committee advances proposed changes to charters

The Regents Audit Committee last week forwarded proposed changes in the Audit Committee Charter and the Internal Audit Charter for consideration next month by the full Board of Regents.

The changes, mostly minor and nonsubstantive, were reviewed during the committee’s March 13 meeting, held at 1800 Grant St. and via Zoom. The reviews of regents committee charters came about as part of the Governance Committee’s work plan.

Presentations at last week’s meeting also included quarterly reviews of external audits and financial statements. Robert Kuehler, associate vice president/University Controller, reviewed quarterly financial statements for the group and also summarized internal control and compliance items.

During the quarterly audit report, Agnessa Vartanova, associate vice president and chief audit executive, presented information on global internal audit standards set by the Institute of Internal Auditors. Earlier this year, the organization released updated professional standards, which CU complies with. The standards, which were revised for the first time since 2017, will take effect in January 2025. Vartanova outlined steps that will be taken through next year for CU to remain aligned with the guidance.

During a review of the University Code of Conduct, Valerie Simons, chief compliance officer and system Title IX coordinator, said system and campus leadership continues to promote education and communication reinforcing positive behavior.

Kathleen Sutherland, senior advisory manager, gave the quarterly report on the CU EthicsLine. The mechanism enables members of the university community to anonymously report suspected violations of law, or serious or recurring violations of policy.