Oversee the System of Internal Control and the Financial Reporting Process

In fulfilling this responsibility, the Committee shall:

1. Meet with the external auditors and review the results of the annual financial
   statement audit, and approve such statements for recommendation to the Board;
2. Review other sections of the annual report, including Management's Discussion and
   Analysis, and any report or opinion that the auditors propose to render;
3. Review and discuss with management and the external auditors significant variances,
   estimates and accruals, judgments, changes in accounting policies and standards, and issues concerning litigation or contingencies;
4. Review with the administration and the internal and external auditors their evaluation of the University's internal controls and assess the steps management has taken to minimize significant risks or exposures;
5. Review and discuss with management significant financial risk exposures and the steps management has taken to monitor and manage these financial risks;
6. Review and discuss with management that adequate procedures and processes are in place to ensure the integrity of the financial statements; and
7. Review the appropriateness of significant accounting principles and practices, unusual or extraordinary items, transactions with related parties and the adequacy of disclosures.