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Texas Statutes (Last Updated: January 4, 2014) |
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EDUCATION CODE |
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Title 3. HIGHER EDUCATION |
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Subtitle A. HIGHER EDUCATION IN GENERAL |
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Chapter 57. GUARANTEED STUDENT LOANS |
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Subchapter D. FISCAL PROVISIONS |
Sec. 57.761. INTERNAL AUDITOR
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(a) The board shall appoint an internal auditor for the corporation. The internal auditor serves at the will of the board, and the internal auditor's budget, audit plans, and staffing levels must be approved by the board.
(b) The internal auditor shall report to the board or a board committee designated by the board. The board may require the internal auditor to submit to the board certain reports specified by the board.
(c) The internal auditor shall consult with the board or board committee on a regular basis at board or committee meetings. At the meetings, the internal auditor shall provide to the board or committee information regarding the progress and results of the internal auditor's audits under this section.
(d) The internal auditor shall examine the corporation's system of internal controls and its system of identifying fixed and variable costs, including administrative costs.