(a) The audit committee shall be a standing committee of the state governing board, council, commission, or equivalent body.
(b) An audit committee created pursuant to this chapter shall have at a minimum three (3) members, chosen as prescribed in the audit committee charter.
(c)

(1) The audit committee’s charter shall provide for the frequency of and procedures relative to conducting meetings.
(2) The audit committee shall meet upon the request of the comptroller of the treasury.