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Audit Committee
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Chair:  Dr. Scott Gosselin

Member:  Dr. Michael Cafaro

Public Member:  N/A

 

Function of the Audit Committee:

 

The Audit Committee's function shall be to oversee the integrity of the organization's financial accounting process and systems of internal controls regarding finance, accounting and use of assets, overseeing the independence and performance of the independent auditors and staff with finance responsibilities, provide an avenue of communication among the organization's independent auditors, management, staff, and governing board, conduct any investigation appropriate to fulfill its responsibilities, and directly access the independent auditors as well as anyone in the organization. The committee may recommend to the Budget and Finance Committee that it retain, at the organization's expense, special legal, accounting, or other consultants or experts it deems necessary in the performance of its duties.  The specific charge to the committee is to be responsible for the following:

 

  • Ensures the association’s financial reports are received, monitored, and distributed correctly

  • Oversees the organization’s internal controls, including management’s compliance with applicable policies and procedures and risk management

  • Oversees the independent audit process, including engaging  the independent auditor and receiving all reports and management letters from the auditor

  • Reviews the annual information returns (IRS Form 990 and forms) and recommends it for approval, signature, and submission by the appropriate officer. The audit committee also transmits the returns to the board for its review before signing and submitting it.
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