The Audit Committee is responsible for overseeing the external and internal audit functions, in this capacity:
- Reviewing and approving the external audit firm selection process as recommended by the President/CEO and recommending to the Board selection of the external audit firm on the recommendation of the President/CEO.
- Reviewing external audit fees and engagement letters.
- Reviewing the annual financial statements and footnotes with the external auditors and management and determining whether they are complete and consistent with information known to Committee members.
- Reviewing with the external auditors and management all matters required to be communicated to the Committee under Generally Accepted Auditing Standards (i.e., management letter, internal control weaknesses, audit adjustments, any disagreements with management, and the like).
- Reviewing the results of other external/investigative audits and recommending action to the Board as appropriate.
- Ensuring that audit engagement partners are rotated every five years.
- Reviewing and approving the mission statement, charter, and biannual audit plan of CA’s Internal Audit Department.
- Meeting on a quarterly basis (or as considered necessary) with the Internal Audit Department and President to review all internal audit reports.
- Reviewing and approving the annual Form 990 (Return of Organization Exempt From Income Tax) before it is filed with IRS.
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