SB 1225 Summary

• Allows the chair of the independent audit committee to be selected in a manner consistent with board of regents bylaws, rather than requiring selection by and from committee members.

• Clarifies that the committee's role regarding enterprise risk management is oversight rather than operations.

• Exempts committee discussions with internal or external auditors on confidential matters from Hawaii's open meetings law (chapters 91 and 92, HRS) in accordance with national best practices.

• Permits the committee chair to hold exempt discussions without the university president or chief financial officer present, at the chair's discretion.

• Requires the committee to immediately notify the board of regents in writing of significant audit findings recommending corrective action, and requires the board to address the matter at its next meeting and establish implementation deadlines and progress reporting requirements.