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Regents audit committee renews internal audit charter, approves FY2025–26 audit plan
Summary
The Board of Regents audit committee approved an internal audit charter renewal and a risk-based internal audit plan for fiscal year 2025–26, including an initial audit of contract management and findings that EisnerAmper’s outsourced audit function met independence standards.
The Board of Regents audit committee approved renewal of its internal audit charter and adopted a risk‑based internal audit plan for fiscal year 2025–26, voting by voice during the committee meeting.
The committee heard a presentation from Laura Swallow, lead internal auditor with EisnerAmper, who told members that the charter — required by a revised statute establishing an internal audit function for the Board of Regents — was last reviewed in September 2024 and that the auditor does not recommend changes at this time. Swallow said the outsourced internal audit team assessed its independence ahead of the new fiscal year and “no threats or impairments to our independence or objectivity…were identified.”
The committee also reviewed the internal audit quality assurance and improvement program. Swallow said the audit team completed an internal assessment in May–June 2025 and produced a supplemental internal audit policy manual and an internal audit strategic plan; an external assessment is conducted at least every five years and was last done in June 2022.
On the proposed audit plan for FY2025–26, Swallow said the facilitated risk assessment identified contract management as the highest‑priority auditable area. The committee approved a plan to begin with a contract management audit and then reassess and present subsequent audits for committee approval.
Regent Williams Brown, who chaired the committee, called for motions; the committee approved the charter renewal and then the audit plan by voice vote. The record shows the committee directed staff to proceed with the contract management audit and to return to the audit committee with any recommended follow‑up audits after reassessment.
Why it matters: The internal audit charter and plan set the framework for independent reviews of Regent operations and institution‑related processes. The committee’s selection of contract management as the first audit will focus board attention on contracting controls, compliance and risk exposure across institutions and system offices.
What’s next: The audit team will execute the contract management audit and report findings to the audit committee; the committee will reassess and approve additional audits as risks evolve.
