The Audit Committee Charter establishes the authority and responsibility of the Committee. The purpose of the Audit Committee is to assist the Board in fulfilling its oversight responsibilities for the financial reporting process, the system of internal control, the internal and external audit processes, and the process for monitoring compliance with laws and regulations and the code of conduct.
The Audit Committee consists of five members of the Board of Directors
- John E. Chilton, Chair
- David Adams
- Mary Helen Peter
- David Rich
- Randy K. Stevens
The Audit Committee meets quarterly and may hold special called meetings as necessary. The Audit Committee has the authority to conduct or authorize investigations into any matters within its scope of responsibility. It is empowered to, among other things:
- appoint, compensate, and oversee the work of any registered public accounting firm employed by KRS; resolve any disagreements between management and the internal and external auditor regarding financial reporting;
- pre-approve all auditing and non-audit services;
- retain independent counsel, accountants, or others to advise the committee, or assist in the conduct of an investigation;
- seek any information it requires from employees or external parties; and,
- meet with officers, internal and/or external auditor, or outside counsel as necessary.
KRS is audited annually by an external audit firm. You can find KRS' independent audit reports on our Transparency page under Financial Statements & Independent Audit Reports.
Internal Audit Staff
Connie Davis, Director Division of Internal Audit, earned a Bachelor of Science in Business Administration, majoring in accounting from the University of Louisville. Ms. Davis worked for the Louisville and Jefferson County Metropolitan Sewer District as a Budget/Audit Co-op, Staff Auditor, and Internal Auditor. Ms. Davis is a Certified Internal Auditor, Certified Government Auditing Professional, and has her Certification in Risk Management Assurances. She is a member of the Institute of Internal Auditors, Louisville Chapter, and a member of the Association of Public Pension Fund Auditors. She served as Vice President, President, and currently is a Governor and Government Relations Chair of the Louisville Chapter of the Institute of Internal Auditors.