The Audit Committee
The Audit Committee shall consist of three of the directors elected by ex officio directors as provided in Section 1.B. of Article II, none of whom shall be an employee of the Corporation or of the University of North Carolina-Chapel Hill, and shall be elected to the Audit Committee by vote of all directors. The Audit Committee shall have the following duties and responsibilities: (a) to review, from time to time, accounting policies and procedures and systems of internal control of the corporation, (b) to review the annual audit and tax returns of the corporation with its external auditors and with employees of the University, (c) to make recommendations to the Board of Directors with respect to the appointment of external auditors and the scope of their audit, (d) to make such other recommendations and reports to the Board of Directors relating to the financial statements, controls, records and systems of the corporation as it shall deem appropriate, and (e) to approve any tax preparation services provided by the corporation’s external auditors. The Audit Committee shall have such other duties and responsibilities as may be delegated to it from time to time by the Board of Directors.
