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.
Reports to: Board of Directors
Frequency of Reports: As needed during the audit period and a summary report at the conclusion of the Audit.
2017-2021 Scope of Work:
For the term 2017-2021, the Audit Committee members are charged to complete the following tasks:
- Oversee matters related to RID’s internal systems controls.
- To provide an independent view and critique of management override of controls.
- To recommend appropriate internal controls toward mitigating possible fraud and reducing risk.
- Oversee the annual independent audit process.
- To assist with oversight in hiring independent auditors, counsel, or other consultants as necessary.
- To inquire of management and 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.
- Oversee the appropriate preparation and dissemination of financial statements.
- To review with management and the independent auditors the organization’s annual financial statements and related footnotes, the auditor’s audit of the financial statements and their report thereon, and auditor’s judgments about the quality of the organization’s accounting principles as applied in its financial reporting.
- To review with the general counsel, management, and independent auditors any regulatory matters that may have an impact on the financial statements, related compliance policies, programs, and reports received from regulators.
- Prepare or oversee preparation of an audit committee annual report.
- Address items referred to the committee by the Board of Directors.
See here for more details on the Organization and Structure of Volunteer Leadership Committees.