Audit Review Committee
Audit Review Committee Meeting Minutes (2015)
Audit Review Committee Representatives
Date Appointed: July 2015
CHAIR: Mary Anne Berens
BOARD LIAISON: Alex Gromada
STAFF LIAISON: Cora Griggs
MEMBERS: A member from each ACTE Region
The committee is charged with overseeing the audit process of the Association and working with the outside auditor on the completion of the audit. The report, along with the auditor's management letter, is to be included in the Board packet mailed prior to the Board of Directors meeting in December. The report of the committee is to be published in Techniques magazine.
The Committee should make recommendations to the Board of Directors and the Headquarters staff as to changes that will improve the financial management of the Association.
To ensure the Association's financial statements and disclosures are validated and to evaluate the Association's accounting procedures and to oversee ACTE's financial reporting, internal control and audit processes.
This is a committee appointed under procedures adopted pursuant with Article 8.3 of the Bylaws.
3. COMPOSITION, SELECTION & TERM
3.1 The committee shall be composed of one representative from each ACTE Region and one chairperson. In addition, two members will be appointed by the President, at least one of whom shall be a "financial expert."
3.2 The term of office is the Association’s operating year. Members serve for a three-year period and may serve up to two terms.
Committee elects the Chair with approval of the Board of Directors. The Chair serves one three-year term.
3.4 The Region vice presidents appoint their committees' representative.
3.5 The Chair of the Committee serves as the Whistleblower Compliance Officer.
3.6 Members of this committee should have some accounting experience.
audited financial statements of the most recent fiscal year, prepared by an
independent certified public accounting firm, to the Board of Directors no
later than the second Board meeting in the ensuing fiscal year.
compliance with financial directives issued by the Board of Directors within
the fiscal year under audit.
4.3 Select the individual or firm to conduct the financial statement audit.
4.4 Assure the submission of a Management Letter, prepared by an independent certified public accounting firm, to the Board of Directors no later than the second Board meeting in the ensuing fiscal year.
- Statement of Current Accounting
- Statement of Recommended Improvements with rationale and implementation guidelines
4.5 Meet with the independent auditors at the time of the submission of the audit reports to obtain their assessment of the strengths and weaknesses of the Association’s financial staff, systems, internal controls and other factors considered pertinent to the integrity of the financial reports and the safety and soundness of the Association’s financial condition.
4.6 Review reports from management and the independent auditors with respect to controls required to ensure adequate financial reporting and require that the audited statements contain certifications by the executive director and senior director of finance and operations that procedures and internal controls for financial reporting are adequate and that the statements are accurate and complete in all material respects.
4.7 Review the Whistleblower Policy to ensure the policy adequately enforces an anti-fraud program to address the following:
- create and maintain a culture of honesty and high ethics
- evaluate the risks of fraud and implementing the processes, procedures and controls to mitigate risk and reduce opportunities for fraud
- develop an appropriate oversight process
- create a means by which employees can confidentially and/or anonymously communicate concerns about potential violations of the policy or suspicious activity
||Mary Anne Berens