Audit Committee of the MIT Corporation

E218101

The Audit Committee of the MIT Corporation is a governing body responsible for overseeing MIT’s financial reporting, internal controls, and audit processes on behalf of the Institute’s board.

All labels observed (2)

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Statements (48)

Predicate Object
instanceOf audit committee
board committee
actsOnBehalfOf Board of the MIT Corporation
affiliatedWith Massachusetts Institute of Technology
compositionIncludes independent members of the MIT Corporation board
members of the MIT Corporation
country United States of America
surface form: United States
focusesOn effectiveness of internal control over financial reporting
financial risk and compliance oversight
independence and performance of external auditors
integrity of MIT’s financial reporting
performance of internal audit
follows MIT Corporation bylaws
charter approved by the MIT Corporation
governs MIT’s financial reporting oversight framework
hasAuthority to access relevant MIT records and personnel for audit oversight purposes
to investigate matters within its scope of responsibility
hasParentOrganization MIT Corporation
hasPurpose to assist the MIT Corporation in fulfilling its oversight responsibilities for financial reporting and audit
hasScope oversight of whistleblower and complaint procedures for accounting and auditing matters
review of annual financial statements
review of external audit plans and results
review of internal audit plans and results
review of internal control systems
review of major financial risk exposures
review of significant accounting policies
jurisdiction Massachusetts Institute of Technology
languageOfWorkOrName English
locatedIn Cambridge, Massachusetts
mayEngage independent external auditors
outside advisors
meetsWith MIT’s senior financial management
independent external auditors
internal audit leadership
oversees audit processes
financial reporting
internal controls
partOf MIT Corporation
relatedTo Finance Committee of the MIT Corporation
Risk and Audit oversight at MIT
reportsTo Board of the MIT Corporation
MIT Corporation
responsibleFor oversight of MIT’s financial statements
oversight of compliance with legal and regulatory requirements related to finance
oversight of independent external auditors
oversight of internal audit function
oversight of risk management related to financial reporting
sector higher education

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Referenced by (2)

Full triples — surface form annotated when it differs from this entity's canonical label.

MIT Corporation hasCommittee Audit Committee of the MIT Corporation
MIT Corporation hasCommittee Audit Committee of the MIT Corporation
this entity surface form: Risk and Audit Committee of the MIT Corporation