IAU - AUDIT COMMITTEE RULES OF PROCEDURES
The Audit Committee has been established and its rules of procedures have been determined as follows within the scope of CMB regulations and the provisions of Corporate Governance Notification at the meeting of our University's Board of Trustees dated 30/03/2018.
The Audit Committee shall supervise the functioning of the accounting and reporting systems within the framework of the relevant laws and regulations, supervise the financial information, and monitor the functioning and effectiveness of the internal control system.
3. TASKS AND LIABILITIES
The tasks of the Audit Committee;
- - The Committee shall supervise the auditing processes carried out in accordance with the Law of Higher Education, the Regulation of Foundation Universities and the relevant legislation provisions and the financial operations of the University at every stage.
- - The Committee shall evaluate the important aspects of the University's financial administration, accounting policy and practices in this direction; the works carried out in the framework of the accounting standards conveyed to the university administration and the accounting principles; the possible consequences of these works and implementation recommendations; important correspondences between the University administration and the Committee.
- - The Committee shall review the complaints to the University about the accounting, reporting and internal control systems, financial processes of the University, and resolve the problems; determine the methods and criteria to be applied in the evaluation of the university staff's statements on the subjects of accounting, reporting, internal control in the framework of the confidentiality principle.
- - The Committee shall inform the Board of Trustees about the opinions of the University's engagement directors on accuracy, veridicality and conformity of financial statements with the accounting policies followed by the University.
- - The Committee shall fulfill the other duties given / will be given to the Audit Committee within the provisions of the CMB Corporate Governance Notification and the laws and regulations concerning the University.
The Committee shall notify the Board of Trustees of its evaluations and recommendations in writing or orally on the subjects above.
4. STRUCTURE OF THE COMMITTEE AND MEMBERSHIP CRITERIA
- - The Audit Committee consists of at least two (2) members. The Committee President and the member / members shall be elected from among the members of the Board of Trustees.
- - If the membership of one of the existing Audit Committee members is terminated for any reason, the duties of the old committee member continue until the new one is elected.
- - Board of Trustees provides all the resources and support necessary for the Committee to fulfill its duties. The Committee may invite managers to the meetings and ask their opinions if deemed necessary.
- - The Committee shall seek the opinions of the independent experts / academicians on the subjects relevant to its activities when needed. The cost of the consulting services that the Committee needs is covered by the University.
Upon need, Audit Committee shall be authorized to establish sub-committees consisting of people either among its members and / or from outside with sufficient financial experience and knowledge on financial reporting and accounting in order to ensure the efficiency of its activities.
- The Committee shall meet at least four times a year as being at least once every three months and present the meeting results written in the minute book to the Board of Trustees.
- The Committee shall present its findings and recommendations related to its tasks and liabilities to the Board of Trustees in oral or written form.
- The Committee is an advisory committee for the Board of Trustees which is the ultimate decision maker.
- The Committee shall ensure that the Board of Trustees is informed on the subjects within the field of its authority and responsibilities.
- The quorum is the absolute majority of the total number of the committee members.
- The meetings are held at the University's main campus.
7. REPORTING PROCEDURES
- Decisions of the Committee are kept in the minute book (classification book) of the committee.
- The meeting minutes should include at least the following points:
- The place and time of the meeting,
- The duration of the meeting,
- The agenda,
- The information on the subjects discussed in the meeting,
- The recommendations,
- Decisions that the Committee deems necessary are presented to the Board of the Trustees.
- The secretariat of the Board of Trustees is responsible for preparing and keeping the reports. The prepared meeting minutes are archived after submitting for the Committee Members' information.
Herein the Rules of Procedures of Audit Committee were approved by the decision of the Board of Trustees dated 30/03/2018. It is the responsibility of the Board of the Trustees to revise the rules of procedures in question as needed.