The Audit Committee is responsible for auditing the accounting records of the Association and reporting its findings and recommendations to the Board of Directors.
The Committee is comprised of a Chair and two (2) members, each serving an alternating three (3)-year term. The President of the Association appoints the Chair and two members of the Committee. Each member ascends to Chair in the order of their appointment to the committee.
The Audit Committee Chair is responsible for the following functionsw:
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Coordinate the audit schedule with the Treasurer and committee members. The annual audit should be completed by March 31st.
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Establish the audit plan, assign audit responsibilities to committee members, and oversee the audit. The audit should include a review of the records to ensure the accuracy of the balance sheet and profit and loss statements.
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Prepare the audit report.
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Forward the audited financial statements and audit report to the President and the Chair of the Finance Committee by April 15.
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Forward audit work papers to the committee member who will take over as Chair the following year.
The report is presented to the President and distributed to the Board of Directors to be reviewed and discussed at the first meeting following the distribution of the report. The Audit Chair, in conjunction with the Vice Chair (for continuity reasons) and President, ensures that all audit findings and recommendations are implemented and/or resolved in a timely manner.
The Audit Report and Financial Statements are presented to the general membership at the Annual Meeting and published in the first newsletter following the Annual Meeting.