ABOUT THE AUDIT COMMITTEE
The Audit Committee is to assist/advise the Board of Directors in the oversight of organizational planning, reporting and independent auditing of all matters related to organizational finances.
Current committee members:
- Chris Grooms
- Karen Gunter
Scope of Work:
For the term 2013-2015, the Audit Committee members are charged to complete the following tasks:
- To oversee matters related to organizational intern systems controls.
- To provide an outside, independent view and critique of management override of controls.
- To recommend appropriate internal controls toward mitigating possible fraud and reduce risk.
- To oversee the annual independent audit process.
- To assist with the oversight of the hiring of independent auditors, counsel, or other consultants as necessary.
- To inquire of management and the independent auditors about significant risks or exposure facing the organization.
- To review with management significant audit findings and recommendations together with management’s responses thereto.
- To review with management and the independent auditor the effect of any regulatory and accounting initiatives, as well as other unique transactions and financial relationships, if any.
- To oversee the appropriate preparation and dissemination of financial statements.
- To review with management and the independent auditor the organization’s annual financial statements and related footnotes, the auditor’s audit of the financial statements and their report there on, auditor’s judgments’ about the quality of the organizations accounting principles as applied in its financial reporting.
- To review with the general counsel, management, and independent auditors’ regulatory matters that may have an impact on the financial statements, related compliance policies, programs, and reports received from regulators.
- To oversee the preparation of, or prepare, an audit committee annual report.
- To address items referred to the committee by the board of directors.