S.B. 741 Summary

• Establishes an external audit committee within the University of Hawaii to audit the Board of Regents and the University of Hawaii system.

• Committee membership includes the state auditor, one member appointed by the governor, one member appointed by the chief justice, and other members invited as appropriate.

• Committee is subject to Hawaii's ethics law (Chapter 84) but exempt from open meetings and public records laws (Chapters 91 and 92) when discussing confidential audit matters or investigating potentially civil or criminal conduct.

• Committee must conduct enterprise risk management oversight, meet at least twice annually, conduct annual self-evaluations, and submit findings and recommendations to the governor, chief justice, and legislature no later than twenty days before each regular legislative session.

• Effective upon approval.