Authorities and Responsibilities

1) The Audit Committee works to support the University Board of Trustees in fulfilling the legal and fiduciary obligations of the university.

2) The Audit Committee supervises the operation of all management systems, applications and reporting systems used at Istanbul Arel University within the framework of the relevant regulations and the efficient, effective and efficient execution of all financial, academic and administrative operational works and transactions.

3) The supervisory responsibility of the Audit Committee includes the evaluation of the functioning of the internal control system as a corporate governance tool, the level of risk management and the compliance of internal audit activities with national and international standards.

4) The Audit Committee takes the necessary measures to review the internal control system of the University, to initiate risk management studies and internal audit activities, to monitor these issues, to ensure authority, impartiality and independence, to protect the service quality standard of the University, to develop its strategic plan and institutional structure, and to carry out the said activities at an adequate level and transparently.

5) The Audit Committee has the following authorities;

a) Makes suggestions for updating and/or making new arrangements by examining/having examined the communiques, guides and decisions on issues related to his/her field of duty.

b) Evaluates the applications and internal audit results made to the Audit Committee and approves the results.

c) When necessary, with the approval of the Board of Trustees, it forms sub-working and specialization groups to fulfill one or more of its areas of responsibility. In the proposal to be submitted to the approval of the Board of Trustees, the purpose of the sub-working and specialization group, the responsibilities to be transferred to the group and the names of the proposed members are specified.

d) Invites experts to meetings without the right to vote in order to receive technical assistance and consult.

e) Evaluates studies, examinations, researches and other studies and statistical data related to internal audit and publishes what is deemed necessary.

f) He/she requests all information and documents required by his/her duty from the relevant units.

g) According to the results of the internal audit report, when it deems necessary or upon the request of the Office Director, it shall make a written notification to the Rectorate in order to fulfill its requirements in terms of investigation, examination and taking statements.

h) Evaluates the applications on behalf of the Board of Trustees before the contract to be made with the University and the persons and/or companies to receive consultancy services in areas such as auditing, finance, financial consultancy, financial affairs, accounting and monitors the works subject to the contract after the contract.

i) Evaluates the Office’s recommendations regarding the annual risk assessment and related risk-oriented audit planning in accordance with audit standards and international practices and approves the audit plan.

6) The Audit Committee is established to regulate, monitor, develop, harmonize and coordinate the University’s internal control and compliance and risk management systems and internal audit activities, and as an independent and impartial body, it fulfills the following responsibilities:

a) The Regulation prepared under the responsibility of the office examines the Directive and other legislative works.

b) Makes suggestions for taking the necessary measures to prevent and eliminate corruption or irregularities, and requests special examination from the Office when necessary.

c) Evaluates and concludes issues that are not agreed between the implementing managers regarding internal control, risk management and internal audit actions.

d) Monitors the internal control, risk management and internal audit practices and results of the University, and evaluates the suggestions and complaints made to the University on these issues.

e) Observes the compliance of the information, documents and notifications of the University in the activities carried out by all managers and employees within the framework of the confidentiality principle and in accordance with the PDPL regulations.

f) It may request to determine the method of compliance and/or monitoring with the principles of accountability, responsibility, transparency and fairness regarding the implementation and results of all consultancy etc. that provide assurance to the University, evaluate the existing method and request explanation.

g) The Audit Committee shall notify the Board of Trustees in writing of the decisions taken as a result of the meeting.

h) Follows the practices, reports and evaluations carried out regarding internal control and risk management systems and makes suggestions.

i) Monitors the compliance of internal audit activities with standards and legislation.

j) Approves the internal audit plan and the periodic activity report prepared by the Office.

l) It holds meetings with senior managers, internal audit unit managers and internal auditors when necessary in order to evaluate the results of internal audit activity and implementation.

7) When it is deemed necessary to take measures as a result of the meetings held on internal audit activities, periodic activity reports and other issues, he/she makes suggestions to the Board of Trustees about these measures.