Dear Carolina Community:
I am writing to share with you that Phyllis Petree, chief audit officer, will retire at the end of September after 23 years of faithful service to Carolina. I appreciate Phyllis’ countless contributions that have enhanced and improved University operations. Phyllis is a trusted adviser to me, our senior administrators and the Board of Trustees. She will conclude her devoted tenure having served five chancellors and dozens of other University leaders.
A 1978 alumna, Phyllis returned to Carolina in 1995 as the director of internal audit, and has transformed the audit function to meet the growing needs of the campus community and to ensure we remain accountable to the taxpayers of North Carolina. Under Phyllis’ leadership, the internal audit office has provided expansive consulting and advisory services across the University. I know all campus leaders will join me in thanking Phyllis for the depth and breadth of her counsel, careful analysis and attention to detail in every matter.
Over the past two decades, Phyllis has worked diligently to ensure that the University’s processes and procedures are best in class. Phyllis streamlined our audit processes and developed the first internal audit charter; internal audit manual; and finance, infrastructure and audit committee charter. She implemented risk-based internal audit schedules and projects. She developed a strategic plan and key performance indicators for the internal audit office. She also commissioned the first external quality assessment review to evaluate the internal audit office’s conformity with the International Standards for the Professional Practice of Internal Auditing.
Phyllis has always approached her work with the utmost integrity, and her keen understanding of campus operations and steady guidance will be missed. Vice Chancellor for Finance and Operations Jonathan Pruitt will chair the search committee for the next chief audit officer, and I am grateful that Phyllis will remain in the position until her successor is hired.
Please join me in thanking Phyllis for her steadfast leadership and commitment to Carolina and wishing her well in retirement.
Carol L. Folt