49-14-102 - Creation of audit committee Employment of internal auditor. - Tennessee Statutes

49-14-102. Creation of audit committee Employment of internal auditor.

(a)  The board of regents created under chapter 8, part 2 of this title and the University of Tennessee board of trustees created under chapter 9, part 2 of this title shall each create an audit committee. Each board is authorized to select one (1) or more certified public accountants or other qualified citizens who are not members of such board to serve on the audit committee.

(b)  Each audit committee shall employ a person qualified by training and experience to serve as an internal auditor. The internal auditor shall report directly to the audit committee and respective board and shall be removable only for cause by a majority vote of the respective board. The internal auditor shall file a report on the audit work with the audit committee at least annually.

[Acts 2004, ch. 904, § 2.]