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Audit Committee Charter

 

Committee/Task Force/Council Name

Audit Committee

Last Updated

April 11, 2018

Mission/Charge

The Audit Committee shall review the annual audit with the selected auditor and Professional Team. The Audit Committee shall recommend the approval of the annual audit to the Board of Directors when, in their opinion, the audit is complete and accurately reflects the financial performance of the Society for the indicated reporting period. The Audit Committee may, at its discretion, send out a Request for Proposals for audit firms and select a firm based on criteria established by the Committee.

Specific Deliverables

The Audit Committee ensures an audit is completed, on an annual basis, for the most recently ended fiscal year.

Level of Authority

The Audit Committee recommends the approval of the audit to the Board of Directors. The Audit Committee facilitates the selection process of an auditing firm and makes the final selection of said firm.

Other Committees/TFs/Councils with Which This Group Interacts

Board of Directors, Finance Committee

Number of Members, Terms & Rotation

The Audit Committee shall be composed of five (5) individuals all of whom shall be dues-paying members of the Society. The Society’s Treasurer shall serve as an ex officio member of the Committee and shall serve as the Audit Committee’s chair. The Board shall appoint four (4) Society Members, in addition to the Society Treasurer, to fill the final four (4) seats on the Committee. No other current Board Member shall sit on the Audit Committee. Each member’s term shall last no more than three (3) years with the possibility of the term being renewed one (1) consecutive time. The committee will rotate two (2) or three (3) members each year (depending on the rotation schedule) to allow for fresh perspectives and volunteer opportunities while maintaining some continuity.

Desired Member Skills

Audit Committee members will be dues-paying members, active participants in the Society and be willing to serve and represent SLAS as involved leaders. Individuals should have a basic understanding of non-profit financial reporting, internal controls for non-profit professional societies, and be able to read and understand financial statements.

Type & Frequency of Meetings

Generally, no more than two (2) meetings are needed per year. All meetings are held via conference call.

Budget

None

Staff Liaison

Brenda Dreier, CMP, Chief Operating Officer