HI HB1071

Requires the chair of the University of Hawaii Board of Regents independent audit committee to be selected in a manner consistent with the board's bylaws, rather than being selected by and from among committee members.

Removes the provision allowing the board of regents to appoint members of the general public with financial expertise to the independent audit committee if no board member has requisite financial skills.

Expands the independent audit committee's exemption from Hawaii Revised Statutes chapters 91 and 92 to include discussions with internal or external auditors on confidential matters consistent with nationally recognized audit committee best practices.

Allows the independent audit committee chair, at their discretion, to hold confidential discussions in the absence of the University of Hawaii president or chief financial officer.

Clarifies the committee's oversight role in enterprise risk management, including setting risk strategy, assessing university risks, and reviewing legal and regulatory matters with potential material impact on financial statements.