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Can you summarize 202 KYAR 3:040 Section 3?
Internal audit. [Current] > Section 3.
Short Summary
This document outlines the duties and authority of the Audit Committee within the Kentucky Lottery Corporation. The Audit Committee is responsible for reviewing the operations and financial reporting procedures of the corporation and making recommendations to the board. The committee is required to review the adequacy of the corporation’s system of internal control, the system of risk identification and management, and the organizational structure and activities of the Internal Audit Department. It also reviews findings made by the Internal Audit Department and may request discussions with department heads or other corporation personnel. The committee assists in the hiring, evaluation, promotion, and removal of the Chief Audit Executive. Additionally, it reviews legal matters that could impact the corporation’s financial statements, findings of examinations by regulatory agencies, and audits conducted by the Auditor of Public Accounts or an independent auditor. The committee may hold closed meetings, inform the board of its meetings and actions, and discuss its reviews, reports, and recommendations with the board. It also has the authority to institute special investigations and submit reports of findings and recommendations to the board for action.
Whom does it apply to?
The Audit Committee within the Kentucky Lottery Corporation
What does it govern?
Duties and authority of the Audit Committee within the Kentucky Lottery Corporation
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Kentucky