audit charter 3.rtf

ORDA AUDIT COMMITTEE CHARTER PURPOSE The Audit Committee is selected by the Board of the NYS Olympic Regional Development Authority (ORDA) to assist the Board in fulfilling its oversight responsibilities regarding the integrity of ORDA's financial statements, the qualifications and selection of the independent auditors, the performance of the annual audit of financial statements, and the performance of ORDA's internal audit functions relative to financial and regulatory record-keeping, reporting and compliance. COMPOSITION The Audit Committee shall be composed of three Board Members, each of whom shall meet the criteria for director independence set forth below. To the extent practicable the Audit Committee members shall be familiar with corporate financial and accounting practices. The Committee, including the Chair, shall be established by the Board, and shall serve until replaced. A Member shall be considered to be independent if he or she, is not and has not been, a paid employee of ORDA and has not had a significant business or other financial relationship with ORDA. MEETINGS The Audit Committee shall meet a minimum of twice a year and may meet more frequently as determined by the Chair or by a majority of Committee members. CHARGE The Audit Committee shall be charged with the following: • Reviewing and approving the authority's financial statements • Overseeing the Authority's internal controls and compliance systems • ...