3. a. The governing board of a public research university or a State college shall establish an audit committee. The chairman of the committee shall have accounting or related financial management expertise and the governing board shall make efforts to ensure that a majority of the members of the committee have such expertise.

b. The audit committee shall have a written charter that addresses the committee’s purpose and responsibilities which shall include, but not be limited to:

(1) assisting the board in ensuring and safeguarding the integrity of the institution’s financial statements;

(2) assisting the board in overseeing and evaluating the performance of outside auditors retained by the institution;

(3) assisting the board in overseeing and evaluating the performance of the institution’s internal audit function;

(4) ensuring that allegations of misconduct or conflict of interest are evaluated and investigated; and

(5) ensuring the institution’s compliance with all relevant legal and regulatory requirements.

c. The audit committee shall prepare an annual audit committee report for submission to the institution’s governing board.

d. The committee shall keep minutes of its meetings.

L.2009, c.308, s.3.