Each university endowment fund shall have a university endowment fund management committee (hereinafter abbreviated to the “management committee”) of seven to fifteen members established, with the president of the university serving as the management committee’s ex-officio convener. The other members shall be nominated by the president and appointed after the nominations have been approved by the university affairs board.
At least one third of the committee members referred to the preceding paragraph must be teacher representatives who do not hold an administrative position; when necessary, professionals from outside the university may be appointed as members. Committee members are appointed for two years.

The management committee has the following responsibilities:
1. Review of the university endowment fund’s annual budget estimate.
2. Performance assessment of the income and expenditure, and the use of the university endowment fund.
3. Review of the annual financial plan and annual investment plan.
4. Review of the revenue and expenditure management of self-generated income, in accordance with the provisions of Article 13, Paragraph 2.
5. Review of other matters related to the university endowment fund’s budgets and final accounts, income and expenditure, custodian, and use.

To strengthen internal controls and to ensure the continuing effective operation of the internal control system, each national university shall operate in accordance with the following provisions:
1. If the university’s annual gross income is two billion New Taiwan Dollars, or more, one or several full-time auditing personnel directly subordinate to the university president shall be appointed. When necessary, a unit specifically responsible for auditing may be set up, and one person be appointed as auditing manager.
2. If the university’s annual gross income is less than two billion New Taiwan Dollars, the provisions of the preceding subparagraph may apply, mutatis mutandis, or part-time auditing personnel directly subordinate to the university president may be appointed.
Full-time and part-time auditing personnel shall all have auditing work experience and a relevant professional background. Each university shall appoint the required number of personnel by reorganizing its currently budgeted for number of staff. The auditing supervisor may be employed on a contract basis.
The handling of matters related to conflicts of interest when the auditing personnel referred to in the previous paragraph carry out the tasks specified in Article 8 shall be prescribed by the Ministry of Education.

The auditing personnel or auditing unit of a national university have the following responsibilities:
1. Post auditing of personnel matters, financial affairs, operations, and related-party transactions, and matters affecting the transaction cycle of the university endowment fund.
2. Post auditing of cash movements, and handling of bad debts.
3. Auditing and inventory-taking of cash, bank deposits, securities, stocks, bonds, and fixed assets.
4. Regular assessment, checking and working to ensure that deadlines are met, and collation of reports of and in relation to the business performance of each of the university endowment fund’s undertakings and the extent to which their objectives have been achieved.
5. Examination and assessment of the efficiency of the use of the university endowment fund and of the benefit of each of the various expenses.
6. Other case-specific auditing matters.
The transaction cycle referred to in Subparagraph 1 of the preceding paragraph includes the revenue cycle(s), acquisition and payment cycle(s), payroll cycle, property management cycle(s), investment cycles, financing cycles, and research and development cycle.
A national university shall draw up an annual audit plan, based on the results of a risk assessment, and prepare an annual audit report, and provide the report to the university affairs board.