IAU – AUDIT COMMITTEE WORKING PRINCIPLES
1. ESTABLISHMENT
At the Board of Trustees meeting of our University dated 30/03/2018, the Audit Committee was established within the scope of the provisions included in CMB regulations and the Corporate Governance Communiqué, and its working principles were determined as follows.
2. PURPOSE
The primary objectives include overseeing the operation of the University’s accounting and reporting systems within the framework of relevant laws and regulations, as well as monitoring the audit of financial information and the functioning and effectiveness of the internal control system.
3. DUTIES AND RESPONSIBILITIES
The duties of the Audit Committee are as follows:
To oversee audit processes carried out under the provisions of the Higher Education Law, the Regulation on Foundation Universities, and relevant legislation, as well as to supervise the University’s financial activities at every stage.
To evaluate significant issues related to the University's financial management and accounting policies, studies conducted in accordance with accounting standards and principles communicated to the University administration, possible outcomes and implementation proposals of these studies, and important correspondence exchanged with University management.
To determine the methods and criteria to be applied for the review and resolution of complaints regarding the University’s accounting, reporting, and internal control systems, and for evaluating notifications made by University employees about accounting, reporting, and internal control matters within the principle of confidentiality.
To obtain the opinions of the University’s responsible executives regarding the accuracy, compliance, and fairness of financial statements prepared in accordance with the University's accounting principles, and to report its own evaluations to the Board of Trustees in writing.
To fulfill other duties assigned or to be assigned to the Audit Committee in accordance with the CMB Corporate Governance Communiqué and the laws and regulations concerning the University.
The Committee submits its evaluations and recommendations on the above matters to the Board of Trustees in writing or verbally.
4. COMMITTEE STRUCTURE AND MEMBERSHIP CRITERIA
The Audit Committee consists of at least 2 (two) members. The Committee Chairperson and the member(s) to be elected are selected from among the Board of Trustees members.
If a member of the Audit Committee resigns for any reason, the duties of the former committee members continue until a new member is elected.
All resources and support necessary for the Committee to fulfill its duties are provided by the Board of Trustees. The Committee may invite any manager it deems necessary to its meetings and obtain their opinions.
The Committee may benefit from the opinions of independent experts/academicians in matters it deems necessary. The cost of consultancy services required by the Committee is covered by the University.
5. SUB-WORKING GROUPS
To ensure the effectiveness of its work, the Audit Committee may form sub-working groups composed of individuals from within the Committee or external experts who possess sufficient financial experience and knowledge in financial reporting and accounting.
6. MEETINGS
The Committee reports its findings and recommendations related to its duties and responsibilities to the Board of Trustees in writing and/or verbally.
The decisions of the Committee are advisory to the Board of Trustees, and the final decision-making authority on related matters rests with the Board of Trustees.
The Committee ensures that the Board of Trustees is kept informed on matters within its area of authority and responsibility.
The meeting and decision quorum is the simple majority of the total number of Committee members.
Meetings are held at the University Main Campus.
7. REPORTING PROCEDURES
Committee decisions are preserved in a decision ledger (Document folder) kept for the Committee.
Meeting minutes must include at least the following:
o Location and time of the meeting
o Duration of the meeting
o Agenda
o Information regarding topics discussed during the meeting
o Decisions taken
Decisions deemed necessary by the Committee are submitted to the Board of Trustees.
The preparation and storage of reports are the responsibility of the Board of Trustees Secretariat. After the meeting minutes are presented to Committee Members, they are archived.
8. ENFORCEMENT
These working principles of the Audit Committee were approved by the Board of Trustees Decision dated 30/03/2018. If necessary, revisions and updates to these working principles fall under the authority of the Board of Trustees.
