Lucile Salter Packard Children's Hospital Board of Directors Charge to the Audit and Compliance Committee - page 3 of 3
16.
- Monitor LPCH’s system of internal control and the adequacy of accounting, financial and operational policies and practices on financial and significant compliance reporting.
- Review with management and the internal auditor the annual internal audit plan and discuss the extent to which it addresses high risk areas.
- Review the annual report on the activities of the internal audit department and discuss significant issues of control with the internal auditor and management.
- Approve hiring the internal auditor and approve any decision to terminate or significantly modify the responsibilities of the internal auditor.
- Approve hiring the Chief Compliance Officer and approve any decision to terminate or significantly modify the responsibilities or base compensation of the Chief Compliance Officer.
- Review with management and the Chief Compliance Officer, at least annually, the Code of Conduct and the compliance program and discuss the extent to which the compliance program addresses high-risk areas of compliance concern.
- Review the annual report on the activities of the Compliance Department.
- Receive periodic reports from the Chief Compliance Officer concerning the effectiveness of the compliance program, discuss significant compliance issues and ensure that an adequate mechanism exists for significant compliance concerns to be brought to the attention of the Committee.
- Report annually to the Board a summary of the Committee's activities and significant audit findings.
Adopted on July 23, 2003
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