RELATING TO THE UNIVERSITY OF HAWAII BOARD OF REGENTS INDEPENDENT AUDIT COMMITTEE.

PART I - Allows the chairperson of the independent audit committee (IAC) of the University of Hawaii board of regents to be selected in a manner consistent with its bylaws. Clarifies that the responsibility of the IAC as to the university's enterprise risk management is to oversee, rather than engage in the pertinent operations. Exempts from chapter 91 and part I of chapter 92, HRS, discussions between the IAC and internal or external auditors on matters that should remain confidential in accordance with nationally recognized best practices for independent audit committees. Allows the IAC chairperson to determine whether IAC discussions that are exempt from chapter 91 and part I of chapter 92, HRS, may be held without the presence of the president or the chief financial officer of the university. PART II – Requires the IAC to report to the board of regents significant issues pertaining to university operations and programs found in audit reports that warrant corrective or remedial action. Requires the board of regents to ensure that necessary actions are implemented, and the underlying significant issue is appropriately corrected and remedied. (CD1)